BINANCE WILL RESUME ACCEPTING DEPOSITS AND WITHDRAWALS THIS WEEK

The head of the cryptocurrency exchange Binance, Changpeng Zhao, announced that deposit and withdrawal of funds suspended last week after the hacking of the site will be resumed on Tuesday.

“Our team has made significant progress in investigating the incident in recent days – we have made several important system updates, added many new security features, and some of the old ones have been completely upgraded. More information about this will be provided later. We plan to restore deposits and withdrawals on Tuesday. The exact time will be announced later and will depend on the success of the test. The update will require a suspension of trading,” Zhao said in the exchange’s blog.

Recall that one of the largest cryptocurrency exchanges Binance was hacked on may 8th. As a result of a well-planned attack, the attackers managed to withdraw 7,000 BTC from the hot wallet of the exchange. Later it became known that hackers began to transfer the stolen bitcoins through mixers.

In addition, hackers were able to obtain API key data, two-factor authentication codes, and possibly other user data. After that, the exchange suspended deposit and withdrawal of funds from the site, and began work on updating its security system.