Binance, the popular cryptocurrency exchange noticed one of the biggest hacks of the history and the exchange. The hackers stole around $7,000 BTC. Changpeng Zhao-the Binance CEO revealed this news on May 7th, 2019. The important point of this hack was, CZ was quick and transparent enough to inform the community through Twitter and also held session over the social media site for the question.
The hackers have been successful in hacking Binance and stealing user data. Binance was working towards its system recovery process, and now finally there’s great news for Binance users. The Binance users can now trade on the platform but need to be patient for some more time.
Binance CEO, CZ updated a recent post and mentioned the date on which deposit and withdrawal services will be resumed.
The post said that Binance had made some important changes to its system within the past few days after hack incidence; they have upgraded their security features or have completely restructured. The information relating to changes will be mentioned later.
Apart from this statement, there was one key point in the post, and that’s about the date. He revealed the date by saying the deposit and withdrawal service on the platform will be resumed on 14th May 2019 respectively. The blog clearly said will “fully resume deposits and withdrawals on Tuesday.”
The Binance traders need to wait some more time to know the trading timing on the platform, which is not yet mentioned. However, the trading time will be updated in the next post and is completely depended on the testing; the process is still carried out.
He further mentioned:
“We aim to resume deposits and withdrawals on Tuesday fully. 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.”
Earlier, the hackers attacked the hot wallet of Binance and managed to steal around $41 million. The unnamed hackers gained the access of user API keys and two-factor authentication code so as to withdraw cryptocurrency.
As soon as the incidence noticed, Binance halted the withdrawals and deposits services and only permitted to carry intra-token trading on the platform. Meantime, the hackers were ready with the next step and transferred the hacked bitcoin to seven different addresses.
One more important point to be remembered of security update is that crypto exchange will stop trading at the time of deposit or withdrawal update.
Binance CEO approached the incidence with a positive view, handled it appropriately and was not behind to update the community. However, there was one user who posted one question on Twitter by saying:
“WHY weren’t any authorities contacted? A) Funds are safe or B) Inside hack, but I found it very odd you get hacked for 41 Mil and not one phone to call to any type of authorities….is binance decentralized? Hardly. Thank you.”