Binance’s Big Data Sharing Will Make Crypto More Secure Against Hac...

There have been 8 security breaches in crypto exchanges so far this year while some of these exchanges was able to mitigate risk by having an emergency fund that will be used to protect user funds in their exchanges investors are worried about the frequency of such events.

Anything that is connected to the internet has the risk of being hack that is the reason why exchanges put a majority of user funds in cold wallets as opposed to hot wallets which are deemed secure from hackers.

Now, beginning next week smaller exchanges will be able to use big-data from Binance which would allow exchanges to detect and block certain transactions that are suspected to be connected to a security breach.

Such a scenario was demonstrated when Bitrue was able to alert several exchanges of a security breach that occurred on their platform and was able to successfully recover a substantial amount of the digital assets that was stolen from their site.

Creating a unified communication platform to readily suspend or freeze accounts connected to hacking attacks is a great deterrent and challenging ecosystem for hackers to send proceeds from a security breach.

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