• Sat, 25 May 2019, 12:56 PM
  • All times are UTC
  • Edition:
    International
Link copied

Crypto exchange Binance seeks to resume deposits and withdrawals on May 14

Image: Shutterstock

Mon, 13 May 2019, 07:53 am UTC

Cryptocurrency exchange Binance is aiming to resume deposits and withdrawals on Tuesday, May 14, founder and CEO Changpeng Zhao said in an online post.

The exchange suffered a major hack last week in which it lost 7000 BTC (approximately $40 million). Binance had said that it will use the Secure Asset Fund for Users (SAFU fund) for fully covering the losses.

Following the hack, Binance suspended deposits and withdrawals and said that it will conduct a thorough security review of all parts of its systems and data.

In a previous update on the incident, Zhao had revealed the plans to significantly revamp some of Binance’s security measures, procedures, and practices.

In the latest update dated May 12, Zhao said that the team has made “some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected.”

“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,” he said, adding that a more detailed update will be published once Binance fully resumes all operations.

Days before the hack took place, blockchain security firm CipherTrace published a report stating that criminals stole more than $356 million from cryptocurrency exchanges and infrastructure in the first quarter of 2019. It also clarified that the said amount of $356 million only represents the losses that are “visible,” adding that cryptocurrency thefts, scams, and fraud could tally more than $1.2 billion in first quarter 2019.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,062.95 (+0.78%)
  • Ethereum (ETH) $255.19 (+1.55%)
  • XRP (XRP) $0.389300 (+0.23%)
  • Bitcoin Cash (BCH) $409.62 (-1.13%)
  • Litecoin (LTC) $102.69 (+4.50%)
  • Bitcoin (BTC) $8,062.95 (+0.78%)
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
07:27
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
07:25
California resident sued for alleged $26M crypto Ponzi scheme
06:33
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
06:16
Rep. Swalwell accepting bitcoin donations in bid for US presidency
06:10
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
05:12
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
05:07
Binance CEO CZ seeks compensation for reputational damage from Sequoia
04:06
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
03:57
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
03:14
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
12:15
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
12:11
Coinstar extends bitcoin buying service to 21 US states
11:38
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft