Binance Overcomes Hack, Rebounds To Normalcy
After a week of keeping the deposits and withdrawals offline, Binance is finally back and swinging. The week-long halt was due to the severe hack that the exchange faced which saw the withdrawal of Bitcoins worth $40 million from the exchange. Now, back online, Binance is ready to take on the challenges after having implemented the required changes to the protocol to make it secure again.
The exchange took two hours more than the previously announced time to come back online. According to the company, it was due to some changes taking longer than they had anticipated. As per a blog, there were significant changes made to the exchange’s Application Programming (API), Two Factor Authentication and withdrawal validations.
🚨 Trading is now LIVE! 🚨
Thank you, for all of your patience and incredible support. 💛 pic.twitter.com/DPZhBLLyL4
— Binance (@binance) May 15, 2019
These new changes would help Binance face similar threats in the future in a better fashion and avoid being hacked again. They are also working on improving risk management for improving crisis handling during such hard times as last week. Binance is also trying to look into their customers a little deeper to know who these customers are so that they can avoid phishing at the back-end.
Trading started at around 13:00 hrs UTC and traders will be able to close the open transactions and process deposits on the exchange while the withdrawals will be starting sometime after the trading resumes. This will be a strong step from Binance, recovering from a loss that big.
All Eyes on Binance
Since the hack was the largest seen by a crypto exchange, all eyes of the industry are now affixed on Binance as people study what went wrong and how it could be avoided in the future. Crypto enthusiasts always have security as their utmost priority, and when this security is at stake, there’s nothing scarier for them.
Binance has told that there has been no loss to the exchange’s customers and it certainly seems so it could have been and that’s what worries serious investors. It remains to be seen if these new updates will help the exchange in avoiding these threats and creating a safer and more secure crypto environment for an easy and convenient exchange for cryptocurrencies.
The hack had caused a significant ripple in the crypto industry, and if everything goes well with the update, the exchange would see a heightened interest in Binance as the last week’s news put Binance in front of a wider audience than they had earlier. There will be close scrutiny by the cryptoanalysts out there who would make detailed reports on everything going out in the exchange since they rolled out the upgrade.