Binance’s chief executive officer Chanpeng Zhao has provided a brief update on the crypto exchange’s action’s following this week’s theft of some 7,000 Bitcoin from hot wallets hosted on the platform, industry website Cointelegraph has reported.

Zhao’s security update didn’t share much details about the company’s investigation into the incident, as the CEO did not want to alert the hackers.

“Hackers are reading every word we post and watching every AMA we host. Sharing too many security details actually weakens our security response strategy,” Zhao said, as quoted by Cointelegraph.

Revamping security

However, Zhao provided some details about Binance’s ongoing security review, saying that the company was making progress in revamping it security measure, procedures and practices. Zhao expects some of the changes to be implemented this week, with more improvements to be made going forward.

The company is prioritising beefing up security in areas that were exploited by the hackers, namely Binance’s API, 2FA and…

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Source: https://thebitcoinnews.com/binance-ceo-posts-update-on-41-million-hack/