Cryptocurrency exchange Binance has announced that it is back online after completing a security upgrade prompted by a recent hack.
Kicking off at 03:00 UTC Wednesday, the upgrade meant that all services were suspended during this period, according to a Binance support message.
A two-hour extension to the upgrade was announced this morning as some tasks took "Longer than expected."
Following the upgrade, Binance published an update saying that trading will recommence at 13:00 UTC. Users can now cancel open orders and process deposits, while withdrawals "Will be available shortly after trading resumes," it said.
Deposits and withdrawals have been offline since the hack last week, which Binance said saw 7,000 BTC stolen from the exchange's hot wallet.
Exchange customers would not be affected by the losses, Binance said.
Following the breach, CZ said in a blog post that the exchange would make "Significant" changes related to its application programming interface, two-factor authentication and withdrawal validation to reduce the risk of future hacks.
The exchange did not disclose full details regarding these efforts due to security concerns, but did say it's also improving risk management and know-your-customer procedures to fight phishing, among other measures at the back-end.
Crypto Exchange Binance Restarting Services After Post-Hack Upgrade
Published on May 15, 2019
by Coindesk | Published on Coinage
DeFi exchange Uniswap records $20 million in trades last week
Ryan Sean Adams, the Founder of cryptoasset investment firm Mythos Capital, revealed via Twitter that Uniswap, a permissionless, peer-to-peer crypto exchange protocol, recorded approximately $20 million in trading volume last week.
Rep. Eric Swalwell Is Accepting Crypto Donations in Bid for US Presidency
Rep. Eric Swalwell is accepting donations in cryptocurrencies to support his bid for the U.S. presidency in 2020.
DeFi Pioneer Compound Partners With Coinbase Wallet, Zerion for V2 Launch
HODLers looking for returns on their crypto now have more flexibility in the Compound app.
Decentralized Domain Registry Raises $4 Million From Draper, Boost VC
A blockchain startup is bringing the fight for free speech to the domain level.