Digital Currency Revolution Series: Binance to go back in business, likely to resume transactions from Tuesday

Binance, one of the leading cryptocurrency exchanges in the world, has unfortunately been in the news of hacking of bitcoins. Deposits and withdrawals activities were halted since then.

Mr. Changpeng Zhao, the Binance CEO, twitted earlier to address the clients and the entire crypto-universe about the 7000 Bitcoin hack. However, they have promised to make investors whole.

He, now, updated in brief about the announcement of resumption:

“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.”

We appreciate their consistent chase on the incident as Binance noted that hackers employed a wide range of tactics like phishing and viruses to obtain a large number of 2FA codes and API keys in addition to other credentials. There was one affected transaction, through which hackers have accessed to withdraw 7,000 bitcoins (BTC) from the hot wallet, approximately worth $40,705,000.

Currency Strength Index: FxWirePro's hourly BTC is flashing at 58 (bullish), while the hourly USD spot index was at -45 (mildly bearish) while articulating (at 05:29 GMT). 

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