Blockaid Co-Founder Says Binance Hack Could Have Been Detected, Prevented
Summary
- A co-founder of blockchain security firm Blockaid said the Binance hack could have been detected in advance and prevented.
- Ben-Natan said malicious transactions can be identified by simulating and verifying transactions before they are signed.
- He said such security verification systems should be standard across all cryptocurrency exchange wallets, regardless of whether they use multi-party computation (MPC) or multisignature (multisig) setups.
Forecast Trend Report by Period
A co-founder of blockchain security firm Blockaid said the Binance hack could have been detected in advance and prevented.
Cointelegraph reported on Nov. 1 that Blockaid co-founder Ido Ben-Natan made the remark during an appearance on CHAIN REACTION when asked whether the Binance hack could have been prevented.
Ben-Natan said malicious transactions can be identified through a process of simulating and verifying transactions before they are signed.
He added that such security verification systems should be a standard feature in all cryptocurrency exchange wallets, regardless of whether they use multi-party computation, or MPC, or multisignature setups.
reporter1@bloomingbit.ioHello, I'm a reporter at bloomingbit