Home Business Binance Restarts Trading after US$ 40M Bitcoin Hack
Binance Restarts Trading after US$ 40M Bitcoin Hack

Binance Restarts Trading after US$ 40M Bitcoin Hack

The company said loss occurred due to this breach will not hamper the customers in any way.

Cryptocurrency trading company Binance has resumed its deposits and withdrawal activities. Users can now cancel open orders, deposit crypto assets into Binance account and buy & sell cryptocurrencies. However, users cannot withdraw crypto assets to an external wallet yet, though the company says this feature will available very soon. In the recent past, Binance suffered a huge blow of data breach that resulted in hackers stealing an equivalent of US$ 40 million Bitcoin. In fact, hackers stole two-factor codes, API keys, and other information, in order to transfer 7,000 bitcoins into their wallets.

However, the company said this breach and affected losses will not hamper the customers in any way. Following the breach, the company is expected to make significant changes in its application programming interface, withdrawal validation, and two-factor authentication to reduce the risk of such scams. Shortly after the company noticed the breach, it blocked some features on the platform in order to commence a security review. To be specific, withdrawals and deposits were frozen for a week so that hackers cannot steal more bitcoins or crypt assets.

As a matter of fact, anyone can track the stolen bitcoins by looking up transactions on the Bitcoin Blockchain, the company has contacted other cryptocurrency exchanges to track and freeze stolen assets. The company did not disclose full details regarding the efforts taken due to security concerns. However, it did give the assurance saying it is improving risk management and know-your-customers procedure to fight the breaching. Currently, Binance’s own cryptocurrency BNB is trading up 19.6% against bitcoin compared to 24 hours ago.


Abhijit Ranjane
Abhijit Ranjane,

Abhijit Ranjane
All Posts

YOU MAY ALSO LIKE