By Changpeng Zhao, CEO of Binance recently announced that the crypto exchange has plans to resume deposits and withdrawal services on Tuesday.
Zhao wrote a brief update which states:
“Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later. We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt. We will update you again tomorrow.”
Currently, all withdrawal and deposit actions have been marked “Suspend” and can’t be processed by Binance. Apparently, one user took to social media and stated that they were able to a send deposit to a particular address which was previously used.
Binance also previously announced upcoming support for hardware-based 2FA devices such as YubiKey.
The breach of security was announced by Binance last week, stating that the unnamed hackers managed to steal 7,000 BTC (which was worth around $41 million at the time of the attack) from the exchanges hot wallet. The hackers were able to make off with the funds by accessing the user API keys as well as two-factor authentication codes to withdraw the crypto funds.
Binance immediately halted all withdrawals and deposits but continued intra-token trading on the site. The hackers were able to move the Bitcoin quickly which has caused many to speculate as to whether they are preparing to launder the funds through multiple exchanges.
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