Binance Update: The Crypto Exchange Resumes Trading Operations Following The Hack
We recently reported various details regarding the Binance hack. You may recall that after Binance got hacked Changpeng Zhao made sure to address what happened just to make things as clear as possible for users.
It seems that the decision was to halt trading for at least a week while the crypto exchange investigates the loss of 7,000 Bitcoin.
It was reported that Binance hackers breached its security system, and they obtained a large number of user API keys, 2FA codes, and potentially other information.
“We encourage everyone to reset their 2FA. We encourage people to take those security measures as a precaution.”
Binance relaunches the trading platform
Binance has relaunched the trading platform after it finished a massive system update which took place at 13:00 UTC yesterday.
Binance has admitted and took responsibility for the attack and on Tuesday it released a list of 14 security precautions to enhance account fund protection.
In order to compensate its users that have had trouble with their accounts due to the hack, the exchange decided to organize a giveaway with its proprietary crypto, Binance coin (BNB).
Binance will be giving away 50,000 BNB ($1.26 million) to the users who have traded over 1 BTC worth of funds until May 18.
Coindoo.com has revealed that the winners of the prize pool will have their winnings credited in two weeks after the campaign ends.
Bitcoin lingers around $8,000
All crypto enthusiasts were shocked to see the parabolic run that has been witnessed by Bitcoin (BTC) a few days ago, and that was able to push the most important digital asset in the crypto market above the $8,000 level.
Experts are expecting the coin to go up even more, and if it hits $10,000, the FOMO mode is expected.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.