Cryptocurrency News

Binance to resume deposit and withdrawal after the major hacking attack


The crypto exchange Binance had temporarily stopped the deposit and withdrawal from the exchange after the hack. It is assessed that hack has left the exchange with a loss of $49 million worth of Bitcoin. On Tuesday 12th May the exchange has decided to work in normal flow and resume deposit and withdrawal fully.

The chief executive of the exchange Changpeng Zhao has declared that the exchange will resume its deposit and drawing services from next week. The company is planning to reopen the platform after the major hack very shortly.

The CEO has told the platform is being complete rearchitected and some advanced security features are being added. Although he did not mention any date to resume trading on the platform, he has only told dates will be intimated after the testing process goes successfully. He has also confirmed that the platform will support hardware devices like Yubikeys.

Presently the deposit and withdrawal operations of the platform are marked as suspended following the significant hack. In the hack, the exchange has lost around 7000 BTC from its hot wallet. In the hack, the two-factor key and API of the platform were also stolen. Later it was found they have stolen these through malware infection and phishing.

The Binance team is updating the system to combat the phishing attack and other security systems that will not be visible from the frontend of the platform.

Although after the hack of the significant crypto platform the market is trying to pull back itself. On May 12th Bitcoin price has touched $7500, which is highest for the last nine months. Following Bitcoin, the price of Ethereum has also got a boost and has topped $200.

Last month Bitcoin has gained 42% making a total gain of the year to 91%. The price boost of Bitcoin has left all other altcoins to trade at red; most of them are not getting the momentum in the market.

It is interesting to see the present price dominance of Bitcoin is higher than the previous parabolic movement of the coin, which leads the coin to reach an all-time high back in December 2017.

While almost all the altcoins are trading at red mark BNB, the Binance coin is showing a price surge. There can be many reasons behind Price surge of BNB. Recently the CEO of Binance has promised its users will be getting the reimbursement as its SAFU account has enough fund to give the money back.

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