Binance Chief Security Officer: Currently establishing a security research fund, focusing on research related to blockchain and AI security threats

Binance's 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 the conclusions of the internal investigation and provide improvement suggestions.

At the same time, Binance is collaborating with leading AI companies and security firms to establish a security research fund, focusing on researching security threats related to blockchain and AI. In the future, internal AI tools and development environments will be managed according to critical infrastructure standards.

Regarding the previous security incident, Jimmy Su explained that the transaction authorization used by the attackers exists on-chain and does not go through the Binance withdrawal system. Therefore, suspending withdrawals cannot prevent the related funds from being transferred; it must be revoked through a new on-chain transaction.

Due to Binance's hot wallet using multi-party computation (MPC) technology, there is no single private key that can be directly used to revoke authorization. The team needed to temporarily formulate a revocation process, which took several hours to control the situation.