Share this article
Crypto Exchange Binance Says It's Revamping Security in Post-Hack Update
Cryptocurrency exchange Binance said it is revamping security measures after losing some 7,000 bitcoin in a hack earlier this week.
Updated Sep 13, 2021, 9:10 a.m. Published May 10, 2019, 8:37 a.m.
Cryptocurrency exchange Binance said it is revamping security measures after losing some 7,000 bitcoin worth over $40 million in a hack earlier this week.
“Significant” changes related to its application programming interface (API), two-factor authentication (2FA) and withdrawal validation are being made, Binance CEO Changpeng Zhao said in a blog post published on Friday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The exchange did not disclose more details regarding these efforts, but said it is also improving its risk management and know-your-customer procedures to fight phishing, among other additional security measures at the back-end.
Binance will take action of some of the measures within this week and in the coming weeks in order to resume services at the earliest, according to the post. Zhao said tentatively, the exchange is looking to resume withdrawals and deposits "early next week.”
Binance will also be adding support for hardware-based 2FA devices such as YubiKey "very soon," the CEO further said, adding that 1,000 YubiKeys will also be given away once the feature is live.
Binance first announced it had lost 7,000 bitcoin on Tuesday, saying hackers had gained access to user API keys and two-factor authentication codes, allowing them to withdraw bitcoin from one of the exchange’s hot wallets.
Immediately after discovering the breach, withdrawals and deposits were suspended, while trading was not affected. Binance said it would cover the loss for all impacted customers using its own emergency fund.
As of Wednesday, 2,500 of the stolen bitcoin had been shifted around and broken up into small amounts, a move that may be designed to obscure if and when the hacker decides to cash them out.
CZ image courtesy Binance
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
CME Group Expands Crypto Derivatives With Spot-Quoted XRP and Solana Futures
These are CME’s smallest crypto contracts to date, aimed at active participants who prefer to trade in spot market terms without managing contract expiries or rollovers.
What to know:
- CME Group has launched Spot-Quoted futures for XRP (XRP) and Solana (SOL), allowing for trading closer to real-time market prices.
- These are CME’s smallest crypto contracts to date, aimed at active participants who prefer to trade in spot market terms without managing contract expiries or rollovers.
- The launch also includes Trading at Settlement (TAS) for XRP, SOL and Micro futures, enabling traders to manage risk around crypto ETFs with added flexibility.
Top Stories
