Binance resumes trading following $40M bitcoin hack

Binance resumes trading following $40M bitcoin hack


Cryptocurrency exchange Binance has resumed trading activity. Users can now cancel open orders, deposit crypto assets into their Binance account and, of course, buy and sell cryptocurrencies. You can’t withdraw crypto assets to an external wallet just yet, but the company says that this feature will be available shortly.

Last week, the company suffered from a data breach that resulted in hackers stealing the equivalent of more than $40 million in bitcoin. Hackers stole API keys, two-factor codes and other information in order to transfer more than 7,000 bitcoins to their own wallets. Binance covered the bitcoins lost with its own funds.

Shortly after the company noticed the hack, the company blocked some features on the platform in order to perform a security review. In particular, withdrawals and deposits have been frozen for a week so that hackers can’t steal more crypto assets.

Given that anybody can track the stolen bitcoins by looking up transactions on the bitcoin blockchain, Binance has been talking with other exchanges in order to track and freeze the stolen assets.

Binance’s own cryptocurrency BNB is currently trading up 19.6% against bitcoin compared to 24 hours ago.





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