December 6, 2021

BlogCoinz

Cryptocurrency and Technology

Binance Update

Binance will be disabling trading for a short time while they implement security updates to re-enable deposits and withdraws around 3 am tomorrow. Don’t panic, systems will be back up shortly after.

Binance will be adding a host of new features to combat security threats, including YubiKeys, in order to help protect the site from future attacks. They will be doing a 1000 YubiKey give away as part of the upgrade.

“We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident.

We are improving our risk management, user behavior analysis, and KYC procedures. We are working on more innovative ways to fight phishing. We also have a number of additional security measures being implemented not directly visible on the front end.”

The company has also confirmed that the initial report of 7000 BTC stolen is correct and no other funds were lost.

We will continue to update as more news comes out!