24/7 Cryptocurrency News

Binance CEO Acknowledges Fireblocks’ Report On Crypto Vulnerabilities

Binance CEO thanked Fireblocks for uncovering issues in cryptography protocols and stated Binance too faced similar vulnerabilities earlier.
Published by
Binance CEO Acknowledges Fireblocks’ Report On Crypto Vulnerabilities

The cryptocurrency space is tricky. One has to be careful with everything that underlines the technology. And on that note, Binance CEO Changpeng Zhao expressed gratitude towards cybersecurity firm Fireblocks for exposing vulnerabilities in widely-used cryptography protocols, reassuring users that no Binance funds were affected.

Advertisement

Zhao Acknowledges Vulnerabilities Exposed By Fireblocks

The CEO of the Binance exchange responded on X (Twitter) to security concerns raised by a recent report from the cryptography research firm Fireblocks. The BitForge zero-day flaws were found in well-known multi-party computation (MPC) protocols like GG-18, GG-20, and Lindell17, which are regarded as the industry standard for wallet security, according to the research.

More than 15 suppliers of digital asset wallets, blockchains, and open-source projects were using implementations with these vulnerabilities, according to the analysis of the Fireblocks research team. The flaws could have made it possible for attackers with privileged access to steal money from wallets; some attacks could have been carried out in a matter of seconds without the user or vendor’s knowledge.

The BitForge vulnerabilities exposed by Fireblocks centered around flaws in GG18, GG20, and Lindell17 protocols. The exploitation of these vulnerabilities could lead to the exfiltration of the full private key or the exposure of a portion of the private key during signing attempts.

Acknowledging the issue, the CEO of Binance confirmed that the vulnerabilities were present in the TSS Library Binance had previously open-sourced. However, he reassured users that the issues had been addressed and rectified promptly. He expressed his appreciation to Fireblocks for bringing the vulnerabilities to light.

Also Read: FTX Creditors And Debtors’ Latest Dispute Overshadows Reorganization Plan

Advertisement

The Relm of Digital Assets

The incident serves as a reminder of the need for ongoing watchfulness in the area of digital asset protection, especially under established standards like MPC. To ensure the integrity and safety of cryptocurrency ecosystems, cybersecurity professionals like Fireblocks actively identify and fix vulnerabilities.

Also Read: XRP Legal Battle Escalates, Anticipation Grows Over SEC Appeal Denial

Share
Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun Justin Justin Sun responded to World Liberty Financial freezing his wallet by promising…

September 6, 2025
  • 24/7 Cryptocurrency News

Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500

Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…

September 6, 2025
  • 24/7 Cryptocurrency News

MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings

MARA Holdings, Inc. announced that it now holds $5.9 billion worth of Bitcoin. This cements…

September 6, 2025
  • 24/7 Cryptocurrency News

Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill

The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…

September 6, 2025