Binance Announces ‘Significant’ Security Changes Following Hack
exchange has revealed that it will be revamping its security network to prevent a recurrence of the it experienced on May 78, 2019.
Per a on its official website, the exchange announced that it will be implementing “significant” changes to its fundamental security infrastructure, including its two-factor authentication (2FA) process, its Application Programming Interface (API) and withdrawal validation processes.
It promised to implement some of the new measures within the week before deposits and withdrawal services resume on the platform. Others will be added afterward.
According to a concerning the issue, Changpeng “CZ” Zhao, the exchange’s CEO, revealed that the hackers were able to employ various theft tactics, including virus deployments and phishing techniques, to steal users’ confidential information, such as 2FA codes and API keys.
Now, the exchange is set to learn from any mistakes that could have caused the hack, as it announced that it will also be revamping its risk management, Know-Your-Customer (KYC) procedures and other security measures in its back-end to counter future phishing attempts.
Zhao also announced that withdrawals and deposits on the exchange, which were suspended as a result of the attack, would tentatively resume “early next week.”
Ethereum Classic has advanced more than any other top ten cryptocurrency to reach almost $25 per coin this weekend.
Ethereum Classic’s Stealth Moon Trip
Data from reveals the altcoin had a more successful 48 hours than its peers, including its illustrious sister asset Ethereum.
The growth comes amid a raft of successful deals which have served to heighten the profile of ETC as ETH increasingly becomes a mainstream cryptocurrency.
The past weeks have seen ETC debut on UK-based trading platform , while major Chinese exchange BTCC it would also commence trading the asset directly in response to customer demand.
eToro for its part has attempted to raise the profile of non-bitcoin cryptocoins, launching a public on London’s public transport network inviting city investors to discover Ethereum.
The move was championed by Barry Silbert, owner of a private and a major proponent of ETC since its inception.
The trading platform announced today that they are adding Ethereum Classic ($ETC). 4.5 million customers…
Silbert’s quasi-promotional role has manifested itself in various ways as ETC has gained value. From social media support to seeing through Bloomberg’s listing of ETC research on its Bloomberg Terminals portal, the entrepreneur and investor is revered by traders looking to diversify away from ETH.
The Bloomberg move was itself a pioneering one, ETC becoming the first cryptocurrency to have research openly available on Bloomberg Terminals.
Meanwhile, a noticeable lack of practical use cases for ETC is beginning to change. While ETH’s $400 success has come about as a result of the myriad ICO offers launched by Ethereum Blockchain startups, ETC has so far barely entered the niche.
ETC Deployment Is Born
That status quo changed last month when began using the asset as part of a Blockchain ticket reservation operation, BitTicket, which aims to stamp out piracy. A dedicated blog post about the move explained:
Citizen Ticket controls the environment that [BitTickets] are traded within. If the rules are broken the fraudulent accounts will be frozen and tickets made invalid. […] All this is done transparently, once and for all dealing with the unethical practices that plaque the event ticketing market.
What Silbert himself suspects is the first ETC-based ICO surfaced this week, meanwhile, in the form of $CORPION’s token sale.
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