Binance Cryptocurrency Exchange to Unfreeze Deposits and Withdrawals

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Changpeng Zhao (CZ), the founder of the highly reputed Binance cryptocurrency exchange which recently suffered a security breach, has revealed via a blog post on May 12, 2019, that the exchange is putting preparations in top gear to resume deposits and withdrawals latest by Tuesday, May 14, 2019.

Binance Moves On

As stated in its blog post, the Binance team have been working tirelessly to fix the loopholes in the system since the hackers made away with roughly $41 million worth of BTC from its hot wallet.

Binance says it has now succeeded in overhauling its platform, adding numerous advanced security features and developing new architectures where necessary.

The team plans to share details of some of the significant changes with users soon, while deposits and withdrawals may resume on Tuesday, May 14, 2019, if all goes as planned.

Though the exchange has not stated the exact time that full deposit and withdrawal operations would commence on Tuesday, it has however hinted that the upgrade may require a total suspension of all trading activities on the platform and users will be informed before the upgrade goes live.

“In the past few days, we have made some key overhauls to our platform, adding a large number of advanced security features. We will share details on some of the changes soon. We plan to resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes,” stated the Binance team.”

In an earlier update released on May 10, 2019, the Binance team stated categorically that its revamping its application programming interface (API), two-factor authentication (2FA) as well as the withdrawal validation areas exploited by the bad actors.

Binance also made it clear that it is trying to improve its risk management, user behavior analysis and know-your-customer (KYC) procedures.   

Salvaging the Situation

In a bid to salvage the ugly situation, Zhao reportedly mulled turning back the hands of time through a Bitcoin blockchain “reorg” that would scrub the heist and restore the 7000 BTC.

However, after consulting other big whales in the cryptospace, including Bitmain’s Jihan Wu, Jeremy Rubin, and others, CZ decided not to use the “reorg” approach.

While the latest Binance hack has proven once again that no centralized exchange is unhackable, it has also shown that Binance remains one of the most reliable bitcoin trading platforms in existence, when it comes to customer protection, as the team has assured everyone that their funds are completely “SAFU.”

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