Binance will reopen withdrawals next week.
Binance will reopen withdrawals next week.

Binance will reopen withdrawals next week.

By Marco Cavicchioli - 10 May 2019

Chevron down

After the hack of the past few days, Binance plans to restore the withdrawal and deposit functionality on the exchange at the beginning of next week.

This was reported by the exchange that sent an official statement, on behalf of CEO CZ, containing some updates about the incident a few days ago that led to the theft of a significant amount of bitcoins.

The release states that the single BTC transaction of approximately 7,000 BTC is the only transaction made to steal exchange funds and it’s verifiable on the blockchain. They are still investigating other areas of the system to make sure they have checked and verified every detail.

The team also says they are working with a dozen other experienced security teams to improve the security of the system and to track down hackers.

In addition, Binance is working with other exchanges and service providers to find and freeze stolen funds, thanks to a sort of alliance focused on preventing thieves from using what they have stolen.

However, CZ also asks the entire crypto community to understand that sharing details about the security of their platform weakens their response strategy. In fact, even hackers read what is published by the exchange and this pushes the Binance team not to reveal all the information about the hack or the solutions they are planning to increase the system’s defences.

That said, they are making significant changes to the API, the two-factor authentication login (2FA), and the withdrawal validations, which were exploited by hackers during the incident a few days ago.

In addition, the Binance team is trying to improve risk management procedures, user behaviour analysis, and KYC.

They are also busy finding innovative ways to combat phishing and implementing additional security measures not visible from the front end.

Finally, he announces that support for hardware devices, such as YubiKeys, will be introduced and that an event will be organized during which a thousand YubiKeys will be given away as soon as this feature is implemented.

CZ commented saying:

Mentally, the Binance team is not sad or depressed; on the contrary, we are in fighting mode. This event has further united an already tight team. We have received tremendous support from our community and we are humbled by your support. We will continue to fight for all of us, the community, against hackers and people with ill intentions. I believe this incident, while damaging us now, will actually make us far stronger and more secure in the long run”.

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded and the Facebook group" Bitcoin Italia (open and without scam) ".

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