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Binance Responds to China Data Hack by Strengthening User Verification

The world's leading crypto exchange moved to protect customer accounts against the data hack of 1 billion Chinese people.

Zhao: All crypto platforms should ‘enhance their security measures’

In the wake of a massive data breach affecting 1 billion Chinese people, Binance CEO Changpeng Zhao said his company had taken measures to make users more secure.

The Binance CEO said on Twitter that his company’s threat intelligence department confirmed the hack took place and said the vulnerability exploited by hackers could stem from a bug in the government agency's implementation of ElasticSearch, a Lucene software-based search engine developed in Java. Specifically, Zhao theorized that maybe the developers wrote a tech blog on CSDN and accidentally included the credentials.

To hedge against any risks from the event, the Binance CEO said the exchange improved its security measures to verify affected users. He also called on many other platforms to do the same to prevent problems. However, as of the time of writing, the authorities in China had not confirmed or denied that the data breach occurred.

“It is important for all platforms to enhance their security measures in this area,” Zhao said, calling for action.

The move to protect users follows Binance’s recent series of development actions, including in Palau and Cambodia. Binance also responded to regulatory FUD targeting exchanges by providing a support plan for insolvent projects during the bear market.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram |

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