Binance To Resume Deposits and Withdrawals After The Massive Hack On Tuesday

by | May 13, 2019 | Cryptocurrency, Cryptocurrency News

Binance | Hack | Resume operation | Cryptocurrency Exchange

Binance will be resuming deposits and withdrawal services on Tuesday,  after the massive hack, it faced last week. CEO Changpeng Zhao announced the update. 

He wrote in a brief update:

Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later.

We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt. We will update you again tomorrow.

Following, the hack last week that cost the exchange a loss of around $40.7 Million in Bitcoin, the withdrawal and deposit actions were marked  “Suspend”, though it allowed intra-token trading on the site, However, one of the users stated in a Twitter post that they were able to send deposits to the address by way of previously identified addresses.

As the hackers quickly moved the stolen bitcoin, some speculate that they are preparing to launder the money through multiple exchanges. 

Read more: Coinbase-Backed Stablecoin Startup Reserve to Launch ‘Venmo Style App’ in Venezuela

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