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Cryptocurrency Exchange

Binance Will Resume Withdrawals and Deposits From Tuesday Post the Recent Hack

After creating a huge buzz with the news of its recent hack, Binance is all set to bounce back. The CEO of Binance, Changpeng Zhao, came forward to state that the digital currency exchange will be ready to resume crypto withdrawals as well as deposits starting Tuesday, 14th of May 2019. The update was shared with the crypto community through the official blog post of Binance.

In the blog, CZ updated about the hard work being put up by the Binance team in getting things back into shape as soon as possible. He stated that not only his team was making progress but was also working during the weekend. In fact, they have also succeeded in revamping the system to a great extent in the last few days. The team, as per CZ, has both included and/or rearchitected high-grade security features entirely. More details on the security features and changes will be shared soon with the users, stated the blog.

The blog also informed users that Binance wants to resume its withdrawal and deposit services completely from Tuesday. However, the team and CZ is yet to announce the time the upgrade will take place which also depends on the way the testing fairs. Once satisfied results are obtained from the testing, users will be updated about the upgrade time.

Also, there will be a halt to all the trading activities while the upgrade will be taking place.

At present, users are not able to carry out deposits as well as withdrawals on the digital currency exchange as all the activities have been marked “suspend” tentatively. But one user claimed through social media that their action of sending the deposit to the address was successful as they used addresses that were recognized previously.

For those who are unaware, the recent occurrence of events at Binance saw the largest crypto exchange in the world suffer a hack on 7th May 2019. It was a security breach on a massive scale as hackers successfully withdrew 7,000 Bitcoin (amounting to approximately 41 million dollars) from Binance’s hot wallet. Apart from compromising users’ API keys, the hackers also accessed two-factor verification codes for withdrawal of the digital currency.

Following the incident, Binance stopped the actions of both deposits and withdrawals immediately but continued to provide trading through intra-token on its site. There were also speculations about the hackers moving the stolen BTC quickly to launder the said money through more than one exchanges.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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