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Binance reopens deposits and withdrawals a week after $41M hack

Binance announced that it has reopened deposits and withdrawals after a week of upgrading the security system, which was initiated after the hack that resulted in a loss of $41 million worth of bitcoin. Last week, Binance announced that it was making “significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during [the hack].”

The stolen bitcoin remains consolidated in just seven addresses. Binance is still working “industry-leading security expert teams” to track down the hackers and also with many exchanges and other service providers to freeze the stolen funds.

While Binance said that “sharing too many security details actually weakens [the] security response strategy,” it disclosed that it worked on improving risk management, user behavior analysis, and KYC procedures as well as on “innovative ways to fight phishing.” Binance is also planning to add support for hardware authentication devices starting with YubiKey.