Changpeng Zhao (“CZ”), the CEO of Binance, the world’s largest cryptocurrency exchange in terms of trading volume, has announced via Twitter that $1.2 million in Binance Coin (BNB) will be given away “as a thank you for standing by us.”
— CZ Binance (@cz_binance) May 15, 2019
On May 7th, 2019, Binance’s management revealed that its exchange had suffered a large-scale security breach, which resulted in the loss of over 7,000 Bitcoin (BTC) from the trading platform’s hot wallets.
Improved “Security Measures, Procedures, Practices”
On May 10th, the Binance co-founder published an update on the exchange’s official website in which he noted that important changes had been made to the trading platform, following the $41 million hack. According to Zhao, Binance’s management had taken measures to drastically improve “security measures, procedures, and practices.”
The hacker(s) had not only managed to steal a large amount of cryptocurrency, but they had also reportedly gained access to users’ 2-factor authentication codes and API tokens. In order to address these vulnerabilities, Binance’s team has been “making significant changes to the API, 2FA, and withdrawal validation areas.”
On May 15th, 2019, Binance’s management announced that the exchange’s system upgrades had been completed and that “all trading activity” would resume “at 1:00 PM (UTC).” As mentioned by Binance’s team, users would be allowed to cancel open orders “until the commencement of trading.”
Helping Users Better Understand Security Measures
Traders may also perform other account related functions, including making deposits. However, Binance’s blog post clarified that the exchange’s “withdrawal function will [only] be available shortly after trading resumes.”
In order to help users better understand how to secure their cryptoassets, Binance’s team has published an informative blog post, titled: “14 Tips to Enhance Security for Your Binance Account.”
To prevent hackers from stealing funds, Binance’s blog mentioned that users should keep changing their passwords (from time to time), reset their 2FA, and also “update their anti-phishing code.”
Giveaway Is A Way To Acknowledge “Unwavering Support” From Community
The exchange operator also confirmed it will be “holding a 50,000 BNB giveaway” and that it will be “providing VIP level ups.” The generous giveaway is a way for Binance’s management “to express [its] gratitude” for the “unwavering support” it has received from its users.
To participate in the giveaway, users are required to “trade over 1 BTC to share a 50,000 BNB prize pool.” The promotion period began on May 15th, 2019 “at 1:00 PM UTC” and ends on May 18th, 2019 “0:00 AM UTC.”