13 May 2019 Josphat Kariuki
Binance Resumes Transfers On Tuesday After $41 Million Hack
One of the major crypto exchanges on the global market, Binance, has publicly stated that their platform will be fully-operational on Tuesday, 14th May 2019. According to the CEO of Binance, Changpeng Zhao, withdrawals and deposit transactions will be made available through the platform again.
The security breach made by hackers, which led to the theft of around 7070 BTCs (or around $41 million USD) last Tuesday, 7th May, forced the company to halt all financial transactions on the platform until work is being carried on reinstating all functionalities of the platform, and improving security levels.
“We are working around the clock to make further improvements to our security system. Some of the features are re-architected”, Zhao also stated, adding that Binance will share more details over the next few days.
The published information on the hackers attack reveals that a range of activities was undertaken by the hackers, who found a backdoor into misleading the two-factor authentication system and managed to obtain API keys from platform customers.
The victims of the vicious attack were, however, ensured that all stolen funds will be returned to them in full. Funds will be transferred from Binance`s reserve, which was created last year to serve in times of emergent and extreme cases. The “secure asset fund for users” (SAFU) represents collection of around 10% of all fees that platforms users were asked to pay.