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Binance Will Resume Fund Withdrawals from 14th May: Security Tightened Up

After the Binance hacking incident of last week, the exchange is now getting up on its feet. Tomorrow, ie from 14th of may Binance will resume fund withdrawals and deposits. This announcement comes from Changpeng Zhao, CEO of Binance on the company’s official blog. Zhao says that his team is working hard on stepping up the security. They have updated the security system with new advanced features. Also, some of the security features are re-architectured. The exact timing of resuming of operations on Tuesday will be notified soon.

In the last week’s hacking, hackers stole 7,000 bitcoins amounting to a whopping $40,705,000. The miscreants used phishing techniques and viruses to gain access to 2FA codes and API keys. They transferred the stolen funds into multiple wallets. The majority of the share was traced to SegWit Wallet address. This transfer to SegWit maybe helpful for the hackers. The reason is with SegWit, witness address is separate from transaction ID. It will create ambiguity and validation of signature will not be possible. So, it may be difficult to trace the whereabouts of the hacker’s utilization of funds they stole from Binance.