Binance to conduct maintenance today following the 7,000 BTC hack
- Deposits, withdrawals and trading will be frozen today as Binance looks to complete scheduled maintenance.
- The action taken from the exchange comes after the large hack of some 7,000 BTC, which caused much devastation.
The world’s largest cryptocurrency exchange by traded volume, Binance announced a planned maintenance period of 6-8 hours today – Tuesday 14 May. They will continue on the freezing of deposits, withdrawals and trading.
Upon completion of the maintenance, Binance will reopen for deposits and withdrawals, thus ending the limited period of lockdown, which follows from the devastating hack that led to the loss of over 7,000 BTC.
CZ tweeted:
The final stretch, 11PM Tuesday, EST + a few hours. Thank you for patience, cooperation and support so far! During the trading halt, we will update no less than every 2 hours, as per usual.
Binance further added:
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 trading resumes.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
