Binance Resumes Trading

Binance Resumes Trading


The major cryptocurrency exchange Binance announced that trading on its cryptocurrency trading platform has been resumed, following a major hacking incident which resulted in more than $40 million worth of bitcoin bring stolen.

The exchange first said that trading has been suspended to make room for a system update to take place.

“There will be a 30-minute window to cancel orders, process deposits, withdrawals & use other account related functions before trading resumes,” it is said in the statement. Around nine hours later, Binance said the upgrade is completed and that the 30-minute window has been opened. The statement also included a nice surprise for the VIP users.

“To express our gratitude for the Binance community’s unwavering support, we will be providing VIP level ups and holding a 50,000 BNB giveaway,” said the company in the statement. The amount of 50,000 BNB is equivalent to more than $1.3 million dollar in today’s market.

“All users with valid trading volume of 1 BTC or more (buy & sells) across any trading pairs on Binance during the promotion period will split a pool of 50,000 BNB”.

Finally, Binance confirmed that the trading is resumed.

Exchange’s CEO and founder Changpeng Zhao said later that the withdrawal procedure was amended to ask users to confirm the withdrawal email.

On May 08, Newconomy reported that Binance suffered a major hacking attack which led to the disappearance of more than 7,000 bitcoins, worth around $41 million in that time.

“The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet,” said Binance in a statement.

Binance’s own cryptocurrency BNB has hit an all-time high of $28.95 today, meaning the coin has rebounded more than 62% since the hacking incident on May 08.