Bince, the cryptocurrency exchange, is preparing to step out of the $40 million cryptocurrency stigma and confirm that it has restarted most of its services on May 15.
Coin security restarts to serve users
Just a week after the hacker successfully bypassed the security mechanism to steal cryptocurrencies, Zhao Changpeng, CEO of the company, said that this was a coordinated attack.
According to the latest announcement from the developer, the platform will reopen the transaction and deposit service, and will soon restart the withdrawal service.
The statement pointed out that "coin security network has completed the system upgrade, we will resume all trading activities at 1 pm (UTC)."
"From now until the service is restarted, users will be able to cancel open orders, process deposits and use other account related features. Please note that the withdrawal function will be activated shortly after the transaction is resumed."
Earlier on Wednesday, in order to carry out "system upgrades", developers have completely frozen the operation of the platform, but at present the outside world knows very little about "system upgrades."
Zhao Changpeng confirmed the news of restarting the user service during the release process.
As of press time, the transaction has resumed, Zhao Changpeng reported that due to the surge in demand, remedial measures continue.
"It should be stabilized now," he wrote in the latest tweet.
Issue 50,000 BNBs to users
Coin Ann further announced that users will receive promotional offers to thank them for their patience and tolerance for system downtime after the attack.
It may be foreseeable that the promotion plan will include the free delivery of the internal token Binance Coin (BNB).
During the promotion of the service restart on May 18th, any user with a value greater than 1 bitcoin is eligible for a 50,000 BNB ($1.26 million) jackpot.
For those members who have various "VIP" levels on the platform, the exchange will offer a free upgrade before May 22.
As reported by Bitcoinist, although a short plan to reorganize the bitcoin blockchain has caused some negative reports, Zhao Changpeng and Chanan.com seem to have succeeded in quelling the market's concerns about the robustness of the biggest exchange.
Cryptopia, the smaller platform, lost about $16 million in January this year, but this week's situation is clearly much worse. The company’s executives confirmed that they had appointed a liquidation team to conduct the investigation and that the liquidation process could last at least a few months.
Coin.com uses its own insurance fund to make up for the loss. Zhao Changpeng admitted that it is unlikely to recover the originally lost bitcoin.