Binance Chief Security Officer: Currently Establishing a Security Research Fund, Focusing on Blockchain and AI-Related Security Threats

Odaily reports that Binance Chief Security Officer Jimmy Su stated during a fireside chat on Binance X Space that Binance is hiring external security experts to conduct a comprehensive independent review of the security incident that occurred on October 29, in order to verify internal investigation conclusions and propose improvement recommendations. Meanwhile, Binance is working with partners including leading AI companies and security firms to establish a security research fund, focusing on AI-related security threats in the blockchain sector, and will in the future manage internal AI tools and development environments according to critical infrastructure standards.

Regarding the previous security incident, Jimmy Su explained that the transaction authorization exploited by the attackers exists on-chain and does not pass through Binance's withdrawal system, so suspending withdrawals could not prevent the related fund transfers; the authorization must be revoked through a new on-chain transaction.

Since Binance's hot wallet uses multi-party computation (MPC) technology, there is no single private key that can be directly used to revoke authorization, and the team needed to formulate a revocation process on an ad hoc basis, which took several hours before the situation was brought under control.