(BlockBar) After the shocking hack last week wherein, hackers stole API keys, two-factor codes and other information in order to transfer more than 7,000 bitcoins to their own wallets, Binance has now resumed withdrawals and deposits all over.
The cryptocurrency exchange announced that it will be performing a full system upgrade after which both deposits and withdrawals will be enabled completely. The company had blocked some features on the platform in order to perform a security review. In particular, withdrawals and deposits had been frozen for a week so that hackers can’t steal more crypto assets. The official announcement titled “System Upgrade Notice” 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.”
After extending the initial system upgrade by two hours, Binance announced that the system upgrade was complete and users could now resume using the exchange as normal.
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.
What’s main news is that, Binance, will host a 50,000 BNB community give away! That means, if you happen to trade over 1 BTC during the promotional period (3 days) you can get a piece of the prize. It was announced that, “All users with valid trading volume of 1 BTC or more (buy & sells) across any trading pairs on Binance during the promotion period will split a pool of 50,000 BNB.”
Speaking on reality terms, while Binance dealt with the hack and kept all their users’ funds safe, after having coins locked away for a week many traders want to desperately move their crypto off the exchange, especially during this bull market.
Speaking of profits on a whole, there are rumors about the Binance Coin price rising significantly in the near future. There are three main factors contributing to this theory; EBay may push BNB as high as $40. Once Binance’s deposits / withdrawals are enabled activity will resume as normal for the exchange thus restoring faith in the BNB token. Information about the Harmony Protocol sale on the Binance Launchpad will reveal further info about the sale. Every token sale on the Binance Launchpad requires participants to hold BNB, ultimately increasing demand for the token.