Blockaid Co-Founder Says Binance Hack Could Have Been Detected, Prevented
JH Kim
Summary
- A Blockaid co-founder 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 this security verification system should be applied by default to all cryptocurrency exchange wallets, regardless of whether they use MPC or multi-signature (multisig).
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 answered "yes" on CHAIN REACTION when asked whether the Binance hack could have been prevented.
Ben-Natan said malicious transactions can be detected by simulating and verifying them before they are signed.
He added that such a security verification system should be a default feature for all cryptocurrency exchange wallets, regardless of whether they use multi-party computation, or MPC, or multi-signature wallets.
JH Kim
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