Binance CEO Reveals New Details of ‘Damaging’ $44 Million Bitcoin HackOn May 10, Changpeng Zhao, the CEO of Binance, the world’s largest crypto exchange, released a security incident update regarding the firm’s loss of 7,000 bitcoin.
Following the high-profile security breach of the exchange during which sophisticated tools and methods were used to steal $44 million from Binance, the firm swiftly revamped its security measures and practices.
In the near-term, Zhao emphasized that Binance will cooperate with major crypto exchanges and blockchain analytics firms to trace the movement of stolen funds and attempt to freeze the funds should they land on crypto exchanges.