🔥 INSIGHT: The Binance hack was detectable. Asked whether it could have been prevented, Blockaid co-founder Ido Ben-Natan says yes, pointing to transaction simulation and validation that can flag malicious transactions before they're signed. That layer should be standard for exchange wallets, whether they run MPC or multisig, he... says on #CHAINREACTION.show more

@blockaid_ You can say that they were not ready for any type of such incident 👍

@blockaid_ detectable or not, most ppl still lose more to their own leverage than any hack ngl

@blockaid_ wtf its just a AD for api lol

Detectable is the harshest word in security — it means the tools were there and the incentive wasn't. Every postmortem admits monitoring works until a record breach. The real question isn't whether Binance could have caught it, it's why real-time alerts still lose to speed. Who owns that gap?

@blockaid_ Pre-sign simulation would have helped, but major custodians still let hot withdrawals clear without an independent check. For Indian traders paying 30% tax and 1% TDS per trade, self-custody with pre-sim validation matters more than chasing entry price.

@blockaid_ Catching malicious transactions before signing is a game changer. @Concordium adds another layer to the conversation: privacy-preserving identity and accountability.

@blockaid_ Well, in hindsight, it always seems like things could have been detected. But look—people whose lives are entirely in the hands of the state will always be more effective than any system, so there’s no point in just spouting hot air here.

@blockaid_ Simulation is the last guard, not the first. In the Bybit case the signers saw a benign payload and approved a malicious one. The failure was signing policy and key ceremony, not detection—tools only help once that threshold is sound.

@blockaid_ Then why was it not detected. "Being detectable" and not being detected, is something different entirely

@blockaid_ @grok what is MPC?

@blockaid_ Prevention will always be cheaper than recovering billions in stolen funds.

@blockaid_ Signing is a last line of defense: simulating what a transaction does before it is approved catches failures that code audits alone cannot. Custody design and signing hygiene matter as much as contract quality. Limit what any one key or approval can move.

@blockaid_ Simulation helps if it runs somewhere the attacker doesn't. If the entry point was an engineer's laptop, a check on that same path can be fed a clean preview. Put it in the signer itself, independent of the requesting host, with authority to refuse.

@blockaid_ Detectable and prevented are different words. Simulation only helps if someone is watching the alerts at 3 AM.

@blockaid_ I hope this is just for fun not serious.

@blockaid_ Prevention tips after the damage

@blockaid_ Transaction validation is the seatbelt for this ride. Let's buckle up for a safer crypto future.

@blockaid_

@blockaid_ simulation should've been standard years ago tbh

@blockaid_ simulating before signing is old news in trading bots, used for a smaller reason: don't pay to send a trade the sim says will fail. if bots do it to save a fraction of a cent, a wallet holding billions has no excuse to skip it

@blockaid_ sincerely speaking, i didn't know this kind of hack was detectable but it's really good to see that we have web3 projects like blockaid that are only concerned about blockchain security we need more of them also we ned to find a way to fund security researches

@blockaid_ layer like that should be universal

@blockaid_ RONKE SIGN EVERYTHING WITHOUT LOOKING

@blockaid_ A little foresight can go a long way in crypto, like wearing a helmet while skateboarding. Embracing these standards can keep the ride exhilarating and safe.

@blockaid_ Security has to catch threats before the signature.