Cryptocurrency exchange Binance said it will be undergoing a scheduled system upgrade on Wednesday. In a blogpost, it stated that, the maintenance will last from six to eight hours and at the time, all deposits, withdrawals and trading will be suspended at the time.
To that effect, even Changpeng Zhao, the Chief Executive Officer (CEO) of Binance said, “Final stretch, 11PM Tuesday, EST + a few hours. Thank you for patience, cooperation and support so far! ??? During trading halt, we will update no less than every 2 hours, as per usual.”
Final stretch, 11PM Tuesday, EST + a few hours. Thank you for patience, cooperation and support so far! ???
During trading halt, we will update no less than every 2 hours, as per usual. https://t.co/SATeIBlW1l
— CZ Binance (@cz_binance) May 14, 2019
The blogpost stated, “Binance will suspend deposits, withdrawals, and trading during this period. Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.”
The exchange stated that once the upgrade is complete, it would make a further announcement and provide users with a 30 minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumed.
This update is noteworthy as this is the first scheduled upgrade, nearly a week after the exchange reported that it was hacked. The announcement had come from their Twitter handle at 5:06 AM IST on May 8. In the announcement, the company had said that it had detected a large scale security breach in which user API keys, 2FA codes and some other information was stolen. The hackers were also able to withdraw 7000 BTC (worth $40 million) in a single transaction. The blockchain address of transaction was also provided with the announcement.
A couple of days later, CZ had apprised the community of the changes that were introduced. He had said, “We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident. We are improving our risk management, user behaviour analysis, and KYC procedures. We are working on more innovative ways to fight phishing. We also have a number of additional security measures being implemented that are not directly visible on the front-end.”
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