Binance Withdrawals, Deposits to Resume Tomorrow Following Hack

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Hacked cryptocurrency exchange Binance plans to have deposit and withdrawal services up and running again by tomorrow, CEO Changpeng Zhao revealed.

In a company blog update, Zhao claimed the team had made ”significant overhauls” to the system, adding or restructuring the architecture of the exchange’s advanced security features. Upgrading the system requires a trading halt, he noted, with the exact time of withdrawals and deposits resuming to be shared at a later stage, although it is expected to be some time tomorrow.

Despite deposits and withdrawals currently marked as ‘Suspended’, one Binance user claimed they were able to make deposits to addresses that they already had on file.

https://twitter.com/ToolFreeCrypto/status/1127699721718521856

The security breach occurred last week, the exchange losing around BTC 7,000 from its hot wallet to hackers who were able to access both user API keys and the two-factor authentification codes that were required to withdraw the Bitcoin. It is thought they gained access to these private keys through a combination of phishing and malware infection.

Zhao has said he is wary of sharing too much information regarding the changes to Binance’s security measures as it would ”[weaken] our security response strategy”.

Binance is the world’s fifth largest exchange by trading volume.

 

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