Crypto Exchange Binance Restarting Services After Post-Hack Upgrade

Binance has announced that trading and withdrawals will soon restart after it completed a security upgrade prompted by a recent hack.

May 15, 2019 at 12:45 p.m. UTC
Updated Sep 13, 2021 at 9:12 a.m. UTC

Cryptocurrency exchange Binance has announced that it is back online after completing a security upgrade prompted by a recent hack.

Kicking off at 03:00 UTC Wednesday, the upgrade meant that all services were suspended during this period, according to a Binance support message. A two-hour extension to the upgrade was announced this morning as some tasks took "longer than expected."

Following the upgrade, Binance published an update saying that trading will recommence at 13:00 UTC.  Users can now cancel open orders and process deposits, while withdrawals "will be available shortly after trading resumes," it said.

Deposits and withdrawals have been offline since the hack last week, which Binance said saw 7,000 BTC (worth about $41 million at the time) stolen from the exchange’s hot wallet. Exchange customers would not be affected by the losses, Binance said.

Following the breach, CZ said in a blog post that the exchange would make “significant” changes related to its application programming interface (API), two-factor authentication (2FA) and withdrawal validation to reduce the risk of future hacks.

The exchange did not disclose full details regarding these efforts due to security concerns, but did say it's also improving risk management and know-your-customer procedures to fight phishing, among other measures at the back-end.

UPDATE - Zhao sent out an update noting that withdrawals "will be open shortly."

"A new requirement to be logged in while confirming the withdrawal mail was added. It caused a small conflict while using the app so it will be rolled back shortly," he wrote.

Changpeng Zhao image via Binance

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Bitcoin Sees Weakness at $29K as Traders Assess Fed Minutes

The largest cryptocurrency dropped below a support level in the past 24 hours before recovering.

The largest cryptocurrency dropped below a support level in the past 24 hours before recovering.

CoinDesk - Unknown
2
CoinDesk - Unknown
Binance's Bahrain License Upgraded for More Crypto Services

Binance Bahrain was granted a preliminary license in December and full license in March.

Binance Bahrain was granted a preliminary license in December and full license in March.

CoinDesk - Unknown
3
CoinDesk - Unknown
Gaming DAO Merit Circle and YGG Caught in DAO Governance Strife

Merit Circle members want to refund Yield Guild Games' investment and cancel an agreement between the two, claiming there’s not been enough value-add by the gaming guild giant.

Merit Circle members want to refund Yield Guild Games' investment and cancel an agreement between the two, claiming there’s not been enough value-add by the gaming guild giant.

CoinDesk - Unknown
4
CoinDesk - Unknown
Former Binance Execs Create $100M Fund to Spur Crypto Adoption in Emerging Markets: Report

Old Fashion Research was formed by Ling Zhang and Wayne Fu, previously Binance's vice president of M&A and head of corporate development respectively.

Old Fashion Research was formed by Ling Zhang and Wayne Fu, previously Binance's vice president of M&A and head of corporate development respectively.

CoinDesk - Unknown