Binance releases security update, reports "irregular trading" on some APIs

08 May, 2019
by Richard Allen
Binance releases security update, reports irregular trading on some APIs

Binance has just released a security update regarding irregular trading on some APIs. As a result, the exchange will restrict all currently existing API keys to have trading functionality only.

It’s possible that the irregular trading on these APIs is a result of the hack the exchange experienced earlier today. According to Binance’s release at the time, they confirmed that “hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info.” As such, Binance states that these keys will be removed in full on May 8, 2019, 1:30 PM (UTC).

“API users can choose to recreate their API keys now to receive full functionality of API usage going forward,” the release reads. Of course, any newly created APIs won’t be removed at the deadline.

On May 7 at 17:15:24 (UTC), Binance was hacked to the tune of 7,000 BTC in one transaction, totaling around $40 million. Binance confirmed that it only impacted their BTC hot wallet which contained around 2% of their total Bitcoin holdings.

Binance is currently conducting a “thorough security review.” As such, withdrawals and deposits will remain closed. The official announcement estimates one week before the exchange will be fully operational again.

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