Binance restarts trading activity following $41 million hack

One of the industry's leading cryptocurrency exchanges, Binance, has gone back online following a hot wallet hack that resulted in the loss of $41 million

Cryptocurrency exchange Binance has gone back online for the first time following last week’s hack which saw $41 million worth of Bitcoin stolen by hackers.

The restart of trading activity comes after a “system upgrade” which took around eight hours to complete.

Users were given a 30-minute window to cancel any open orders before trading finally resumed, although Binance CEO Changpeng ‘CZ’ Zhao admitted there was a slight delay.

Coin Rivet reported on the Binance hack last week, with more than 7,000 Bitcoin being siphoned out of the exchange’s hot wallets.

The $41 million worth of cryptocurrency remains stagnant in seven addresses. Binance has claimed that it is collaborating with “industry-leading security experts” to reveal the identity of the hackers.

The hack was the sixth largest exchange hack in the history of cryptocurrency, with last year’s $500 million hack of Japanese CoinCheck being the biggest.

The Binance CEO has been commended for his transparent approach during the past week. ‘CZ’ has been regularly updating customers on Twitter while discussing potential solutions, including the controversial option of a ‘re-org’ on the Bitcoin blockchain.

In spite of the hack, the markets failed to react negatively to the news as Bitcoin rallied through levels of resistance to hit $8,400 before finding support at around $8,000.

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