The Bug was first reported by PeckShield when he ran an automated scanning on one of the ERC20 tokens and found out that a large number of tokens were getting transferred from the BeatyChain (BEC) smart contract. This led to the discovery of the batch overflow bug and later it was found that most of the ERC20 tokens are vulnerable to this bug.
Binance is known for the high standards and gives security its top most priority while listing any coins or tokens. The procedure to get listed on Binance exchange is tiresome since they follow strict policies and procedures.
Quantstamp notably performed automatic and manual audits on all the ERC20 tokens listed in the Binance Exchange. To everyone's surprise, they have not found a single vulnerability affecting any of the tokens listed on the exchange. They also declared that all the tokens listed are safe and the recent BatchOverflow bug is not affecting any of the tokens listed.
Below are the comments from Quantstamp after doing a successful audit in the world's biggest exchange
“Quantstamp shares Binance’s safety-first philosophy in protecting their customers and supports the exchange’s ambitions to create the gold standard in security for the mass adoption of digital currencies. In light of the recent vulnerabilities, we are proud to have assisted Binance in its mission to help protect their token holders and the wider Ethereum community”
We are really happy to see that some of the big exchanges like Binance are very responsible and give customer safety and security the utmost importance rather than listing all the tokens without any proper procedure or policy. Most of the other exchanges should learn this from Binance and follow suit to give a secure environment for their customers to trade.
