Following the hack of one of the world most reputable cryptocurrency exchange Binance which led to the suspension of its deposits and withdrawals, the CEO of the crypto exchangeChangpeng Zhao (CZ) has announced that the platform plans to fully resume deposits and withdrawals by Tuesday. the announcement was made in a security incident update published on May 12th 2019.
Just as Cryptoinformers previously reported, Binance suspended deposits and withdrawals as it worked to rehaul its security systems after a major hack on May 7, which resulted in the theft of about 7,070 bitcoin (BTC) from the exchange’s hot wallets — worth over $40 million at the time.
In this update tagged "Binance Security Incident Update #3", CZ said that he will make the update short and share more comprehensive update when they fully resume their operations
Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later.
We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt. We will update you again tomorrow.
I will keep this update short, and share a longer update after we fully resume all operations.
Binance has in the previous updates disclosed that it hackers gained access to large number of 2FAs and APIs which gave them the access to withdraw the fund.