Binance deposits and withdrawals to re-open on Tuesday

12 May, 2019
by David Robb
Exchange
Binance deposits and withdrawals to re-open on Tuesday

Binance has released its latest security update after the major hack that affected the trading platform last week. Withdrawals and deposits will re-open on the leading crypto exchange on Tuesday.

Hackers were able to steal around 7000 BTC from Binance last week, marking the first time that the exchange has lost a significant amount of funds. The hack was still relatively small in comparison to Bithumb, Mt.Gox and some of the other big crypto exchange thefts of the last decade.

The amount of influence wielded by Changpeng 'CZ' Zhao and his team led them to consider a re-organization of the BTC blockchain in order to recoup the funds, but this idea was rapidly shot down and dismissed by the community.

Binance was able to deal with the security breach relatively quickly, and no customers suffered losses. It has been keeping users updated with regular bulletins about the latest security status of the exchange. According to this third update, CZ's team has "made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected". The re-opening pf withdrawals and deposits on Tuesday will require a temporary halt in trading, whose time will be communicated in a further update.

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