The ongoing debate on re-org word by Binance CEO CZ has created a lot of hype, in fact, hotter than the hack of $40 million. Nevertheless, on May 10, 2019, Binance has shared a release adding the detail about the security incident, the upcoming step and an apology statement of CZ for the whole hack incident as well as for using the word re-org.
While it begins with ‘We understand the situation is tough for our community’, the release highlights that ‘the team is working on significant changes to the API, 2FA and withdrawal validation areas’. The blog reads that these aspects were the key arena, exploited by hackers. By considering that, Binance is enabling hardware wallet device support, it specifically named YubiKey and adds that they will give away 1000 YubiKeys once the feature gets implemented.
Binnace’s effort of strengthening its security measures have become the priority after the unfortunate hack incident occurred on May 08, 2019 – following which the company is continuously fighting. In a similar context, the firm states that;
Mentally, the Binance team is not sad or depressed; on the contrary, we are in fighting mode. This event has further united an already tight team, CZ said in the blog post. I believe this incident while damaging us now, will actually make us far stronger and more secure in the long run.
In a conclusive note, CZ adds ‘apologize note’ for using the word ‘reorg’ that apparently becomes the center of whole hack debate. In his words;
Honestly, I am not writing code or debugging servers. Given how much I talk, I sometimes say the wrong stuff, dirty words like “reorg”, for which I apologize.
As he is famously known for his transparent opinions on crypto across Twitter and other communication media, he concluded by noting;
It is my strong view that our constant and transparent communication is what sets us apart from the “old way of doing things”, even and especially in tough times.
For now, withdrawals and deposits are still in pause mode which according to post, will be resumed in early next week. Beside enhancing Binance’s security measures, the blog reveals that the team is on its constant effort to investigate ‘all the areas of the system to make sure ‘no stone is left unturned.
Furthermore, we are working with a dozen or so industry-leading security expert teams to help improve our security as well as track down the hackers.