Security update from Binance CEO, following $40 million exchange hack

Of Binance on May 7th, 2019, which resulted in a loss of over $40 million in Bitcoin, CZ acknowledged that the "Situation is tough" for the crypto community.

Hackers Watching Every Move We Make.However, CZ pointed out that the hackers are most likely keeping a close eye on everything the exchange's management is saying and doing, including "Reading every word" posted by the crypto firm and watching every AMA session hosted by Binance.

According to CZ, "Sharing too many security details" could potentially weaken the exchange's security response strategy.

The Binance founder also clarified that the exchange's management intends to resume deposits and withdrawals "As soon as possible" and that several important changes to the platform's operating procedures will be completed "Within the window of this week." Additionally, Binance's team will work on making various other changes to the crypto trading platform's standard operating procedures in the coming weeks.

CZ further noted that Binance's team is working on "More innovative ways to fight phishing" and it is also implementing several new security measures.

In the coming weeks, Binance's team will be adding support for security-related hardware devices, including YubiKey.

Notably, Binance will conduct an event "Very soon" in which it will give away 1,000 YubiKeys as soon as the feature is integrated on the crypto trading platform.

He also mentioned that Binance's security team is investigating "All other areas of the system," in order to ensure that all vulnerabilities on the exchange.

Per the Binance CEO, the exchange is presently working with "a dozen or so industry-leading security expert teams" to help improve the trading platform's security.

"Mentally, the Binance team is not sad or depressed; on the contrary, we are in fighting mode. This event has further united an already tight team We will continue to fight for all of us, the community, against hackers and people with ill intentions. I believe this incident, while damaging us now, will actually make us far stronger and more secure in the long run."