Binance Coin trading higher than at the time of the hack: 7% up after news

13 May, 2019
by Jelmer van der Dussen
Binance Coin trading higher than at the time of the hack: 7% up after news

Binance Coin has recovered strong following the hack last week, in which attackers were able to steal over 7000 BTC from the Binance exchange. Thanks to a 7% pump today, BNB is already trading higher than at the time of the hack.

The reason for the surge of BNB is the latest security update from CEO Changpeng Zhao. In the update, CZ revealed that on Tuesday May 14, the exchange will reopen deposits and withdrawals again. Since the hack, deposits and withdrawals were closed because of a security check. Trading resumed in the meantime.

The exact time Binance will fully open again is not yet announced, but CZ stated that the upgrade will require a trading halt and that more information will be given on Tuesday.

Following the news that Binance will become fully operational again on Tuesday, the price of BNB surged. Binance Coin is now trading at $22,96, more than a dollar higher than just before the hack took place. This makes BNB one of the best performing altcoins at this moment. Waltonchain (5,6%), BitTorrent (4,7%) and Dash (2,4%) are also on the rise while Bitcoin is taking a little rest following the parabolic price action of the last few days.

BNB/USD Chart provided by Tradingview

On Saturday, CZ reassured that Binance has enough funds to cover the 7000 BTC that was taken off the exchange. The CEO reacted to a tweet from CNBC's Ran Neuner, who said that he really hopes 'CZ has covered his 7000 BTC, otherwise this could get messy'. CZ replied with: 'Dude, don't know how to reply without sounding arrogant. we got it. will just leave it at that.'

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