Hacked Crypto Exchange Binance to Resume Deposits and Withdrawals on Tuesday

New security efforts will improve Binance as it plans to reopen withdrawals and deposits on Tuesday.

May 12, 2019 at 10:45 p.m. UTC
Updated Sep 13, 2021 at 9:10 a.m. UTC

Binance CEO Changpeng Zhao has announced that the crypto exchange plans to resume deposits and withdrawal services on Tuesday.

He wrote in a brief update:

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 are marked "Suspend" and cannot be carried out on the exchange. However, at least one user has said on social media that they were able to send deposits to the address by way of previously identified addresses.

In previous announcements the exchange announced upcoming support for hardware-based 2FA devices like YubiKey.

Binance announced the breach last week, saying that unnamed hackers made off with 7,000 BTC (worth about $41 million at the time) from the exchange's hot wallet. The hackers accessed both user API keys and two-factor authentication codes to withdraw the crypto.

The exchange stopped withdrawals and deposits but allowed intra-token trading on the site. The hackers quickly moved the stolen bitcoin, causing some to speculate that they are preparing the launder the money through multiple exchanges.

Image via Coindesk Archive.

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