Top crypto exchange Binance has announced plans to halt operation for about six to eight hours while it upgrades its system tomorrow. During this period, the trader won’t be able to make deposits, withdrawals or any trade.
A Response to Binance Hack
Just yesterday, Changpeng Zhao(CZ), the exchange’s CEO announced that the platform was planning to fully resume deposits and withdrawals today. A process which was suspended due to the hacking which took place last week, on May 7.
The hacking incident saw about 7,070 bitcoin (BTC) stolen from the exchange’s hot wallets. This was estimated to worth over $40 million at the time.
In the post announcing the system upgrade, it was stated that starting tomorrow May 15 at 03:00 AM (UTC), deposits, withdrawals and trading services will be halted.
The post also states that:
“Once the upgrade is complete, we will 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…