Binance will independently review the October 29 security incident and establish a security research fund

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Binance Chief Security Officer: A security research fund is being established, focusing on AI-related security threats in the blockchain space

PANews November 9 reports that Binance 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 October 29 security incident, verify the conclusions of the internal investigation, and propose improvement recommendations. Binance is also establishing a security research fund with leading AI companies, security firms, and other partners, focusing on AI-related security threats in the blockchain field. He said that going forward, internal AI tools and development environments will be managed according to critical infrastructure standards. The transaction authorizations exploited by attackers exist on-chain and do not pass through Binance's withdrawal system, so suspending withdrawals cannot stop the outflow of funds; an on-chain transaction must be initiated separately to revoke the authorization. Binance's hot wallets use multi-party computation (MPC) technology, and no single private key can immediately revoke the authorization; the team could only temporarily formulate a revocation procedure, which is why it took several hours to bring the situation under control. He also said that this...

Key points

Binance Chief Security Officer Jimmy Su stated that Binance is hiring external security experts to conduct a comprehensive independent review of the October 29 security incident.
The review will verify the conclusions of the internal investigation and make recommendations for improvement.
Binance is partnering with leading AI companies, security firms, and others to establish a security research fund, focusing on security threats related to blockchain and AI.
Jimmy Su stated that going forward, internal AI tools and development environments will be managed according to critical infrastructure standards.
The article states that the transaction authorization exploited by the attacker exists on-chain and does not pass through Binance’s withdrawal system; therefore, suspending withdrawals cannot prevent funds from flowing out, and a separate on-chain transaction must be initiated to revoke the authorization.
The article states that Binance’s hot wallet uses multi-party computation technology, and after the team established a withdrawal procedure, it took several hours to bring the situation under control.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

This is a security remediation plan: Binance will engage external experts to review the previous incident, while also collaborating with partners to study blockchain and AI security issues and raise internal management standards for AI tools.

Why it matters to readers

External review may help verify existing investigation conclusions; security research funds and stricter AI governance indicate that Binance is extending security concerns to blockchain- and AI-related threats.

Once on-chain authorization exists, pausing platform withdrawals may not necessarily revoke it; multi-party computation may also make the emergency revocation process more complex.

Risks and unknowns

The original text has been truncated, and the full account and outcome of the October 29 security incident are not provided.
The identity of the external security expert, the time the review was completed, and the final conclusions have not yet been provided.
The partners, scale, and implementation progress of the Security Research Fund have not yet been disclosed.
The original X Space recording or the complete verbatim transcript was not provided.

Binance will independently review the October 29 security incident and establish a security research fund

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