Cryptocurrency exchange Binance experienced a security incident on May 7 in which hackers managed to steal 7000 Bitcoins ($40 million). Following the hack, Binance halted all deposits and withdrawals in order to investigate what caused the security breach, although trading continued. The CEO, Changpeng Zhao, has made an announcement saying that the exchange plans to resume deposits and withdrawal services on Tuesday 14 May.
In a statement released on the company’s blog, Zhao said that Binance has strengthened their security.
“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,” he wrote.
“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 plans to update users again tomorrow.
Binance Aims To Fight For The Crypto Community Against Villains In The Space
Zhao has made every effort to keep users informed, this is his third update since the hacking took place. He promises that the company will “maintain constant communication” with the community. He discussed the importance of transparency but warned that hackers are reading every word they post and watching every AMA they host. “Sharing too many security details actually weakens our security response strategy,” he said.
He also mentioned that there are a number of security and blockchain analytics firms helping to track the stolen funds. “We are also working closely with many exchanges and other service providers to freeze the stolen funds,” he said. “It already is sort of an alliance. We have some ideas to contribute more on this front after we get over this incident”.