Crypto Exchange Binance Restarting Services After Post-Hack Upgrade

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…

Hacked Crypto Exchange Binance to Resume Deposits and Withdrawals on Tuesday

Binance CEO Changpeng Zhao has announced that the crypto exchange plans to resume deposits and withdrawal services on Tuesday. He wrote in a brief update: 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…

Binance Announces ‘Significant’ Security Changes Following Hack

Cryptocurrency exchange Binance has revealed that it will be revamping its security network to prevent a recurrence of the 7,000 BTC hack it experienced on May 78, 2019. Per a blog post on its official website, the exchange announced that it will be implementing “significant” changes to its fundamental security infrastructure, including its two-factor authentication (2FA) process, its Application Programming Interface (API) and withdrawal validation processes. It promised to implement some of the new measures within the week before deposits and withdrawal services resume on the platform. Others will be…

Binance, Bitfinex and Tether: What’s the Worst That Can Happen?

Daniel Cawrey is chief executive officer of Pactum Capital, a quantitative cryptocurrency investment firm and hedge fund. The views expressed are those of the authors and are not investment advice. All investors, institutional or otherwise, have a duty to try to see the world as it truly is. Not as they wish it to be. This is especially true when putting investment dollars at risk. One needs to ask questions to understand elements influencing the outcome of an investment. One of those questions is: How could things go wrong here? Investment…

All of It Dark, All of It P2P: After the Binance Hack, Bitcoin Doesn’t Cut It

Amir Taaki created libbitcoin, the first alternative bitcoin implementation, and has worked on wallets Electrum and Darkwallet as well as privacy markets and decentralized technologies. Binance, the biggest crypto exchange by volume, was hacked on Tuesday. The hacker took $40 million or 7000 BTC. Binance had a chance to recover these funds. They could cut a deal with the majority hashpower miners. The miners would reverse the chain and gain a share of the stolen money. Binance this time decided not to make the deal with miners. And as time goes…

Bitcoin (BTC) Price Remains Strong Buy On Dips Despite Binance Hack

Bitcoin price traded to a new 2019 high above $5,950 and recently corrected lower against the US Dollar. The price declined below the $5,900 and $5,840 support levels, but it remained well bid. There was a break below a connecting bullish trend line with support near $5,840 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to climb higher once towards the $5,880 and $5,900 levels in the near term. Bitcoin price started a downside correction after testing $5,950-6,000 against the US Dollar.…

Binance, OKEx and KuCoin Are Using IEOs to Command the Spotlight

Token sales haven’t stopped since the 2017 boom. They’ve just changed names. Initial exchange offerings (IEOs) – where a cryptocurrency exchange offers a direct listing and launch campaign for a new startup token – are earning blockchain companies millions in 2019. Two sources, who both requested anonymity to avoid alienating exchange partners, told CoinDesk that some exchanges declined to list their tokens unless their startups paid hefty fees, in various formats depending on the exchange. These fees, the sources said, ranged from 10 percent of the startup’s equity, plus a…

Binance Teams Up With Elliptic to Bolster AML Compliance

As part of its efforts to be regulatory compliant, Malta-based crypto exchange Binance has partnered with Blockchain startup Elliptic. According to a Coindesk report, the partnership will help Binance mitigate anti-money laundering (AML) concerns as it expands into new regions. Binance announced a similar partnership with cyber security firm CipherTrace on April 11, describing it as a step towards achieving proper AML compliance. In the company’s announcement, its Chief Compliance Officer Samuel Lim said, “The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build…

4 Billion Crypto Adopters Will Outnumber Internet Users, Predicts Binance CEO

By CCN.com: Binance CEO Changpeng Zhao boldly claims that cryptocurrency will reach more users than the internet in a matter of years. His wildly bullish prediction suggests that over 4 billion people on the planet will use crypto in the near future. In a few years, there will be more users in #crypto than there are users for internet today. — CZ Binance (@cz_binance) April 30, 2019 Crypto: bigger than the internet Current estimates suggest that 58 percent of the global population have access to the internet. That’s a total…

Binance CFO Rips Facebook’s Blockchain Under Megalomaniac Zuck

By CCN.com: Facebook CEO Mark Zuckerberg is a megalomaniac who’s launching blockchain and cryptocurrency projects in order to squeeze crypto companies out of the dominance he eventually wants to assert over the space. That’s the opinion of Binance CFO Wei Zhou. Misguided bitcoin evangelists have been heaping praise on Facebook for experimenting with blockchain and for saying it might launch its own digital currency. They believe that having a massive multinational conglomerate like Facebook test out use cases for blockchain is lending legitimacy to the nascent industry. However, Zhou —…