Binance Hires External Experts to Review Oct. 29 Security Incident, Plans Security Research Fund

Cointime update: Binance is hiring external security experts to conduct a full independent review of the Oct. 29 security incident, Chief Security Officer Jimmy Su said on Nov. 9, to verify internal findings and recommend improvements. Binance is also building a security research fund with leading AI and security firms to study AI-related blockchain threats. Su said the attacker’s on-chain transaction approvals bypassed Binance’s withdrawal system, and MPC-based hot wallets had no single key to revoke them, so the team needed hours to craft a revocation process.