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Binance resumes withdrawals and deposits soon

Binance resumes withdrawals and deposits soon

May 13, 2019 | AtoZ MarketsAfter the serious security breach which cost the largest crypto exchange almost $41 million loss, Binance resumes withdrawals and deposits from its platform. The announcement comes from the company’s CEO Changpeng Zhao, who stated in his letter, that deposits and withdrawals from Binance will become available this Tuesday.

Binance addresses the crypto community after hack

In his official letter to the entire crypto community, Binance CEO Zhao stated, that security leak was detected on 7th of May and 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.

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 price since mid-April.

During his recent live stream on Tweeter, the crypto company’s CEO explained that withdrawal from the Binance platform triggered internal alarms after it was executed, and the exchange froze withdrawals following the discovery.

At the moment all withdrawals and deposits are “suspend” and cannot be carried out on the exchange. Atoz Markets reached out the Binance team, the company representatives noted, that the deposits and withdrawals are estimated to be restored within 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 has made some significant system’s 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. What is more important, is that in his letter, Binance CEO assured crypto exchange users, that company aims to fully resume deposits and withdrawals on Tuesday.

Changpeng Zhao noted that their security update will require a stop trading. CZ concluded that the platform is currently in the test state and the exact time of the withdrawals resumption will be reported later.

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