Binance Resumes Withdrawals and Deposits Soon

The announcement comes from the company’s CEO Changpeng Zhao, who stated in his letter that deposits and withdrawals from Binance would become available this Tuesday. It comes after the serious security breach, which costs the largest crypto exchange, almost $41 million loss. At that time, Binance resumes withdrawals and deposits from its platform.

The article was updated on 04 December, 2019 by Amicus.

13 May, 2019 | AtoZ Markets – In his official letter to the entire crypto community, Binance CEO Zhao stated that a security leak was detected on 07 May. And it impacted only hot wallets. Although this Binance storage contains roughly 2 percent of the exchange’s total bitcoin holdings, the hackers managed to steal 40 mln USD in total from multiple accounts.

Binance Addresses the Crypto Community After Hack

The hacking incident had a significant impact on the Binance coin (BNB) price, which quickly dropped from $24.25 to $19.5 to hit its lowest rate since mid-April.

The crypto company’s CEO explained that withdrawal from the Binance platform triggered internal alarms after the execution. And the exchange froze withdrawals following the discovery. He explained it during his recent live stream on Tweeter.

At the moment, all withdrawals and deposits are “suspend” and cannot be carried out on the exchange. Atoz Markets reached out to the Binance team. Moreover, the company representatives noted that it will restore the deposits and withdrawals this week.

Resumption of Withdrawals Is Around the Corner

In his latest post, in the Binance blog, the crypto exchange CEO outlined that the company’s team is “making progress.” And it has made some significant system improvements, including “advanced security features added and/or completely re-architected.” 

CZ promised to share details on some security upgrades in the next Binance posts. Binance CEO also assured crypto exchange users, that the company aims to resume deposits and withdrawals on Tuesday fully. 

Changpeng Zhao noted that their security update would require a stop trading. CZ also concluded that the platform is currently in the test state. And the platform will report the exact time of the withdrawal resumption later.

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