The world’s largest cryptocurrency exchange, Binance has announced it is up and running again after last week’s Bitcoin hack.
All deposits and withdrawals were suspended after a hack saw 7000 BTC be lifted from the company’s wallets. The “large scale security breach” was caused by malicious actors who were able to gain access to user API keys and two-factor authentication codes. As a result, they were able to withdraw over $41 million (at the time) of bitcoin from the platform.
A statement from Binance at the time said: “The hackers had the patience to wait, and execute well-prepared actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed.”
A security upgrade was undertaken last night and a two hour extension to the upgrade was announced this morning due to the fact that it took “longer than expected”.
Following the completion of the upgrade, Binance announced that trading would start again at 13:00 UTC and opening orders and processing deposits was back on line. Those wishing to withdraw would have to wait a bit longer though as the service “will be available shortly after trading resumes”.
Binance had reassured customers at the time that they would not be affected by any of the losses.
After the breach, CEO of Binance Changpeng Zhao said that the platform were preparing to undertake “significant” changes that would related to its API interface and the two-factor authentication process. It would also address withdrawal validation to reduce the risk of any future hacks.
Withdrawals will be enabled soon. Some final tests, just making sure this upgrade is fully operational.
— CZ Binance (@cz_binance) May 15, 2019
Of course, Binance did not elaborate on what these efforts would be but they did add that they were working improving risk management and KYC in order to step up the fight against phishing and other types of potential security risks.
Now the platform is up and running again, it is expected that the native Binance Coin (BNB) will be set to rise in price over the coming days.
As Bitcoin has been hovering around the $8,000 mark over the last 36 hours, other coins have followed suit. Analysts expect to see BNB see something of a bullish swing now that the security update is complete.
At press time, Binance Coin (BNB) is trading at $27.15 price point and continues to surge against the USD, with a strong possibility to hit a new all-time high.
One well known crypto-influencer “The Crypto Dog” tweetedthat he believes “$BNB is going to enter price discovering (new all time highs) in the next 24 hours.”
Was thinking the same. Everyone's $BTC is now worth $2500ish more than the day of the hack. What will they buy first when they send funds over…….oh! $BNB to buy floored alts that have been off limits for a week. Just a theory.
— Crypto Mikey (@CryptoCX1) May 15, 2019