Ever since the news of Binance hack broke out in the morning, people in whole crypto community were eagerly waiting for Changpeng Zhao’s Periscope AMA to get some more information about the attack. I was also busy watching it, and it turns out that a number of important things were said by him during this AMA session that were not covered in the initial announcement of hack. Let’s go through them:
Advice to users
The AMA of Binance boss started with two critical pieces of advice for Binance users. One of them is to change your API keys, if you trade using APIs… and the other is to reset your 2-factor authentication. These steps are important precautionary measures, as both 2FA secrets and API keys in large numbers have been stolen in this hack. So we too would advise you to perform both these actions as soon as possible.
Number of affected users unknown
A concerning thing coming out of CZ’s Periscope Live AMA is regarding the number of affected users. While initially in the morning company had said that no users have been affected and the entire amount of 7,000 BTC got stolen from their hot wallet, in Periscope AMA CZ is seen saying that he doesn’t know exactly the number of users affected. He said:
“We don’t know exactly to what extent the number of users are affected, because that’s kind of hard for us to guess at this time.”
However, in the same AMA CZ also reiterated the claim that Binance will cover the entire stolen amount from SAFU so user funds will remain unaffected. That will be one of the best things to happen in this entire episode.
Rollback on Bitcoin network being considered by Binance
CZ also revealed that Binance team is also debating the option of performing a rollback on Bitcoin network to reverse the transaction in which 7,000 BTC were moved. However, at the same time he acknowledged the negative consequences such a rollback can bring. He said:
“The team is still deciding about doing a rollback on the Bitcoin network, because a rollback of such scale can leave some negative impact on the credibility of Bitcoin.”
CZ also revealed that while deposits and withdrawals will remain suspended for a whole week, there may also be some brief periods of time when Binance may halt trading services as well due to some of the core system upgrades.
Request to other exchanges
A number of other exchanges and crypto projects, including Justin Sun, Coinbase and QuarkChain project offered financial support to Binance after the announcement of the attack. CZ, however, humbly denied to accept such support and said that Binance can cover the entire amount from SAFU funds alone. The help for which he requested from other exchanges was to block the inflows of BTC from lost funds, and a number of exchanges including Coinbase and Huobi have agreed to do that.
— Binance (@binance) May 8, 2019
CZ has said that he’ll remain active on Twitter and will continue to update with more details as they come out. And as he updates the world, we at Crypto-News India will also continue to deliver those updates to you so keep checking back!
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