The CEO of Binance, Changpeng Zhao (CZ) is in the latest cryptocurrency news for his announcement which shows that the hacked exchange Binance is preparing to resume with its deposits and withdrawals as of tomorrow, Tuesday May 14th.
“Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later,” Zhao wrote in a brief update describing the situation around the hacked exchange Binance.
“We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt. We will update you again tomorrow,” he added.
Right now, all of the withdrawal and deposit actions on the hacked exchange Binance are marked “Suspend” and can’t be carried out. However, the coming altcoin news show one user who said that the deposits can be sent to the address by way of previously identified addresses.
In the previous announcements, the hacked exchange Binance announced upcoming support for the hardware-based 2FA devices such as YubiKey.
The breach, on the other hand, went viral on many best cryptocurrency news sites last week, where the unnamed hackers apparently got away with 7,000 BTC (worth approx. $41 million at the time) from the hot wallets of Binance. They accessed both the user API keys and proceeded with the two-factor authentication codes to withdraw the cryptocurrency.
The hacked exchange Binance afterwards stopped the withdrawals and deposits but allowed the intra-token trading on the site. The hackers moved the stolen Bitcoin, causing many to speculate that they are preparing to launder the money through many cryptocurrency exchanges.
Right now, the coming altcoin news show a slight correction in the market and a total cryptocurrency market cap of $213 billion, with $77 billion in 24 hour trading volume. The Bitcoin dominance has decreased a bit and almost every coin in the top 10 – besides Binance Coin (BNB) – is correcting anywhere from 1% to 5%.
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
P2P Dash And Bitcoin Transactions Skyrocket In Venezuela
‘’In countries where residents are under pressure from economic mismanagement, Bitcoin trading becomes critical. Two factors drive Bitcoin trading: one, there is pressure to purchase Bitcoin using local currency before it loses even more value; and two, there is a need to redeem for the local currency either past purchases or purchases made outside the country by friends/family, enabling residents to cope with rising prices. This results in an increase in Bitcoin trading in the local currency.’’
Trading Platform Giant Binance Announces The Launch Of Venus
“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”Venus is an open blockchain project that will develop localized stablecoins and digital assets pegged to fiat currencies so Binance will start providing full process technical support, compliance risk control and multi-dimensional cooperation network in order to build the new cryptocurrency but also will leverage its existing infrastructure and regulatory establishments according to the co-founder of Binance. The exchange also noted that they welcome more governments, companies, and organizations that have a huge influence on a global scale in order to collaborate with it for the new Venus initiative. Facebook’s cryptocurrency Libra has a similar structure. The goal is to serve the unbanked people and to facilitate low-fee money transfers around the world. Libra is expected to go live in the year 2020 but it has already faced scrutiny from many banks and politicians around the world. Facebook has stated recently in a risk disclosure filed with the Securities and Exchange Commission that Libra will never launch because there is no significant regulatory scrutiny. Binance, on the other hand, stated that it believes that Libra will grow at an exponential rate and will, therefore, reshape the world financial system. They also noted that Libra could bring changes more than the Internet did as per the announcements that we have in the latest cryptocurrency news:
“Instead of resisting change and losing the opportunity, it is better to embrace change. […] At the same time, ‘Libra’ needs to be developed in an orderly manner under the regulatory framework.’’
Bitcoin Breaks Resistance As Other Altcoins Awaken This Monday
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