In a recent Development, Changpeng Zhao (CZ), the founder of the world’s leading cryptocurrency exchange Binance, used his official Twitter account to address vulnerabilities identified in certain Multilateral Computing (MPC) protocols. Here are the details…
Binance CEO spoke about a vulnerability
The vulnerabilities, collectively referred to as “BitForge,” were uncovered by Fireblocks’ research team. These vulnerabilities, if exploited, could allow attackers to access private keys from individual devices, posing a significant Security risk to cryptocurrency holders and traders. Binance officials took immediate action after receiving information from Fireblocks, ensuring that users’ assets were not affected. The Fireblocks team explained that the detected vulnerabilities are present in some of the most widely used MPC protocols. In particular, Fireblocks’ proprietary protocols MPC-CMP and MPC-CMPGG were found to be immune to these vulnerabilities, reaffirming the security measures adopted by the platform.
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Binance CEO spoke about a vulnerability
The vulnerabilities, collectively referred to as “BitForge,” were uncovered by Fireblocks’ research team. These vulnerabilities, if exploited, could allow attackers to access private keys from individual devices, posing a significant Security risk to cryptocurrency holders and traders. Binance officials took immediate action after receiving information from Fireblocks, ensuring that users’ assets were not affected. The Fireblocks team explained that the detected vulnerabilities are present in some of the most widely used MPC protocols. In particular, Fireblocks’ proprietary protocols MPC-CMP and MPC-CMPGG were found to be immune to these vulnerabilities, reaffirming the security measures adopted by the platform.
Regarding the issue, CZ expressed gratitude to Fireblocks for their attention in detecting vulnerabilities. CZ tweeted, “This issue was present in the TSS Library shared by Binance as open source. The problem was solved thanks to the fact that Fireblocks uncovered this problem! No Binance user’s funds were affected by this issue.” He also highlighted the risks associated with even advanced retention solutions, advising users to prioritize their security.
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