Binance restarts deposits and withdrawals

Image for post
Image for post

Changpeng Zhao (CZ), the CEO of Binance exchange, has announced that it will resume its deposits and withdrawals service on Tuesday, 14th May.

In his statement, he said: “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.”

At the moment, all withdrawal and deposit actions are marked “Suspend”. As we know, the exchange suffered a major hack last week, when unnamed hackers stole 7,000 BTC (worth about $41 million at the time) from the exchange’s hot wallet. The hackers accessed the exchange via both user API keys and two-factor authentication codes to withdraw the crypto.

As Coindesk reports: “The exchange stopped withdrawals and deposits but allowed intra-token trading on the site. The hackers quickly moved the stolen bitcoin, causing some to speculate that they are preparing the launder the money through multiple exchanges.”

It also previously reported Binance’s actions following the hack, when the exchange said it was revamping security measures. Coindesk said that Binance was making “Significant” changes related to its application programming interface (API), two-factor authentication (2FA) and withdrawal validation. It is also improving its risk management and know-your-customer procedures to fight phishing, among other additional security measures at the back-end. Binance will also be adding support for hardware-based 2FA devices such as YubiKey “very soon,” the CEO further said, adding that 1,000 YubiKeys will also be given away once the feature is live.

Written by

A blockchain platform that will take banking to another level

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store