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.
In case you weren't aware, we have been able to deposit on @binance this entire time! They "suspended deposits", which means they disabled the deposit button on the site.
If you know the address, it's fine. I made several deposits to the addresses that I already have on file.
— Jesse Feinberg (Darth Crypto) (@ToolFreeCrypto) May 12, 2019
As the hackers quickly moved the stolen bitcoin, some speculate that they are preparing to launder the money through multiple exchanges.
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