After the report on the $40 million security hack, largest crypto exchanges Binance CEO Changpeng Zhao (CZ) has addressed further information and investigation on the incident.

CEO Changpeng Zhao has apologized for causing the concerns for the crypto community. As a response, Binance are making effort to revamp its security measures and also updating about the previous transaction rollback announcement.

As The Crypto Sight reported this week, Binance has faced a serious security breach that suffering nearly 7,070 bitcoin (BTC) worth, approximately $41 million lost. The hot wallet, which contains 2% of the exchange’s total Bitcoin, was under attack leading to the unwanted access from hackers in the API, 2FA, and withdrawal validation areas.

The hackers targeted these areas with phishing and viruses to exploit Binance’s value information such as 2FA codes and API keys. Zhao has also specifically noted that Binance can’t currently share too many details on the security development: “Hackers are reading every word we post and watching every AMA we host. Sharing too many security details actually weakens our security response strategy.”

However, to assure Binance users on the security, the team are working on the revamp for its security procedures and practices. Moreover, it is revealed that some of the changes will be applied this week to ensure the security for the exchanging platform, the many further changes will be implemented afterwards.

The change for better security will mainly focus on the API, 2FA and withdrawal validation areas. Changpeng Zhao noted that the team is aiming to develop its risk management, user behavior analysis as well as Know Your Customer (KYC) procedures. Binance is also working on a more innovative way to combat phishing and revising other security measures.

Previously, the crypto community has concerned about Zhao’s comment on a possible blockchain re-org or transaction rollback. While announcing the update for the security development, Zhao has apologized for causing the concerns, he said: “Given how much I talk, I sometimes say the wrong stuff, dirty words like ‘reorg’, for which I apologize. It is my strong view that our constant and transparent communication is what sets us apart from the “old way of doing things”, even and especially in tough times.”

After receiving many criticism on the intention, the CEO has officially announced during a post-hack live AMA and in a tweet that Binance will not pursue the re-org approach as it may damage credibility of bitcoin as well as be a threat to decentralization principles.