Binance CEO: Deposits and Withdrawals Will Resume Fully On Tuesday
Binance is set to resume normal service by Tuesday when it allows for deposits and withdrawals on its platform.
The exchange’s CEO Changpeng Zhao announced in a blog post on Sunday, May 12 that these services would “fully resume” following progress its team had made over the weekend.
He, however, told the exchange’s users that the exact time when these deposits and withdrawal services will depend “on how testing goes,” and that details on the same would be communicated another update.
The Binance CEO also said that the upgrade would require that the exchange halts trading, and as with other updates, this too would be expounded on in follow-up communication.
Per the update, Binance has over the last few days since it was hacked, “made some significant overhauls” to its security system.
Zhao noted that the platform’s team had worked on “a large number of advanced security features,” adding several new ones or completely re-architecting some. He promised to share more details regarding these changes in upcoming updates to the Binance community.
In one of the exchange’s updates after the hack, the Binance team announced it would revamp its security. The measures included adding support for hardware-based two-factor authentication (2FA) via devices like Yubikey.
At the moment, Binance has marked all deposits and withdrawals on its platform as “suspend,” meaning users cannot proceed to carry out any of these actions.
Nonetheless, there has been a claim by one user on Twitter stating that the individual was able to send funds using a previously identified address.
Hackers reportedly breached the Binance system last week, with the crypto exchange announcing that the attackers had managed to steal 7,000 bitcoins (BTC). The stolen crypto amounted to about $41 million as per the rates at that time.
Binance said at the time that the hackers access the funds from its hot wallet, using user API keys as well as 2FA codes to withdraw the bitcoins.
As a result of the breach and theft, Binance suspended all withdrawals and deposits. The exchange did allow intra-token trading to continue.
Hackers have reportedly been moving the stolen bitcoin around, with the shuffling leading many to believe that these individuals could be looking at using other exchanges to launder the BTC loot.
A proposal for a “reorg” on the bitcoin blockchain after the hack received widespread criticism, with many noting that such a move could impact negatively on the reputation of the leading cryptocurrency.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.