Crypto Exchange Binance To Resume Deposits And Withdrawals

Announcements, News | May 13, 2019 By:

Changpeng Zhao, founder and CEO of crypto exchange Binance that was hacked for $40 million last week, has announced that the crypto exchange plans to resume deposits and withdrawals on Tuesday, May 14.

On May 8, Binance reported a security breach, where hackers stole 7000 BTC from crypto exchange’s bitcoin hot wallet in a single transaction. At the time, Zhao said that the hack was a very advanced effort executed by “very patient” hackers who waited until they had a number of high net worth accounts.

In an update to the security incident, the CEO posted a blog explaining that the Binance team has been working over the weekend to significantly revamp some of the platform’s security measures, procedures, and practices, with the goal of resuming deposits and withdrawals as soon as possible.

“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,” Zhao said. “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.”

In a previous update, Zhao announced that the exchange will be adding hardware device support, such as YubiKey and other devices. The exchange will be giving away 1,000 YubiKeys as soon as that feature is implemented. He also said that they are working closely with many exchanges and other service providers to freeze the stolen funds.