The giveaway will be in Binance Coin (BNB) and it is Binance’s way of saying “thank you for standing by us”.
Barely a week after hackers managed to bypass Binance security mechanisms in what is said to be a coordinated attack, Binance is putting in finishing touches before going live again. The hack was carried out on May 7th and resulted in the loss of more than 7,000 Bitcoin (BTC) from the exchange’s hot wallets.
Upgraded Security Measures, Procedures and Practices on Binance
Binance CEO, CZ, published a report on the exchange’s official website where he stated that Binance had taken important steps to drastically improve “security measures, procedures, and practices.” The Binance hacker(s) did not only steal a large amount of cryptocurrency, they also gained access to users’ 2-factor authentication codes and API tokens. To address the situations, Binance’s team have had to make significant changes to the API, 2FA, and withdrawal validation processes.
Back in Business
On May 15, 2019, Binance team announced that all system upgrades had been completed. The exchange would resume trading activity “at 1PM (UTC)”. Trading and deposits related transactions will become available first, and withdrawals will follow shortly.
Binance educating users on important security measures
After the hack, Binance is concerned about the safety of its user’s digital assets. To educate crypto investors, Binance published a post titled “14 Tips to Enhance Security for Your Binance Account.” You should check that out.
Thanks for your support
Binance CEO says the giveaway is the exchange’s way of saying “thank you” for the immense support it got from its users. The exchange will be “holding a 50,000 BNB giveaway” and also provide VIP level ups. To stand a chance to win part of the giveaway BNB, users will have to trade over 1 BTC. The giveaway promo began on 15 May at 1:00 PM UTC and will end on May 18, 2019, at 0:00 AM UTC.