🚨 Binance Security Chief Reveals Why the $6.3 Billion Outflow Couldn't Be Stopped!
In tonight's X Space, Binance co-CEOs Richard Teng and He Yi joined Chief Security Officer Jimmy Su to discuss the massive October 29 security incident.
Jimmy Su revealed some surprising details:
🔹 Beyond Withdrawal Controls: The attackers' transaction authorization happened directly on-chain, bypassing Binance's normal withdrawal system. Suspending withdrawals alone would not have stopped the outflow.
🔹 MPC Wallet Complication: Binance's hot wallet uses Multi-Party Computation (MPC) technology, meaning there was no single private key that could instantly revoke the authorization.
🔹 Hours to Respond: The security team had to develop an emergency revocation process, which took several hours to bring the situation under control.
🔹 Zero-Day Malware: The attack reportedly involved zero-day malware that existing third-party endpoint protection failed to detect at the time.
This incident raises serious questions about crypto wallet security, emergency response systems, and the risks of sophisticated cyberattacks.
The big question: How can even major crypto exchanges strengthen their security against threats that traditional safeguards might miss?$BTC $ETH $SOL
#Binance #CryptoSecurity #Bitcoin #BTC #CryptoNews
In tonight's X Space, Binance co-CEOs Richard Teng and He Yi joined Chief Security Officer Jimmy Su to discuss the massive October 29 security incident.
Jimmy Su revealed some surprising details:
🔹 Beyond Withdrawal Controls: The attackers' transaction authorization happened directly on-chain, bypassing Binance's normal withdrawal system. Suspending withdrawals alone would not have stopped the outflow.
🔹 MPC Wallet Complication: Binance's hot wallet uses Multi-Party Computation (MPC) technology, meaning there was no single private key that could instantly revoke the authorization.
🔹 Hours to Respond: The security team had to develop an emergency revocation process, which took several hours to bring the situation under control.
🔹 Zero-Day Malware: The attack reportedly involved zero-day malware that existing third-party endpoint protection failed to detect at the time.
This incident raises serious questions about crypto wallet security, emergency response systems, and the risks of sophisticated cyberattacks.
The big question: How can even major crypto exchanges strengthen their security against threats that traditional safeguards might miss?$BTC $ETH $SOL
#Binance #CryptoSecurity #Bitcoin #BTC #CryptoNews
