(CZ), CEO of major , has announced that the platform plans to fully resume deposits and withdrawals tomorrow. CZ made the announcement in a security incident update on May 12.
As , had suspended deposits and withdrawals as it worked to rehaul its security systems in the aftermath of a major hack on May 7, which resulted in the theft of around 7,070 () from the exchange’s hot — worth over $40 million at the time.
In the latest update, the CEO kept details of the exchange team’s post-hack actions scarce, telling the public that he would reveal more information once the platform had fully resumed all of its operations. He thus briefly outlined that:
“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.”
This update represents the third official response from the exchange CEO since the incident took place — the first being a and the second being of measures being undertaken to mitigate the chances of future security breaches.
From ’s disclosures so far, it is known that the hack was reportedly premeditated and conducted by a range of tactics that included phishing and viruses to obtain a large number of 2FA codes and API keys.
The incident also sparked a further controversy when CZ publicly he had considered — and rejected — the idea of responding to the hack with a contentious re-org approach: i.e. taking steps to incentivize miners to form a consensus to wield 51% of the network’s hashing power to reorganize the ’s transactions after the loss.
In response to fervent community criticism, the CEO chose not to attempt the strategy — whose was in any case doubtful, according to some opinions — the likely reputational damage to and threat to its immutability and decentralization principles.
To press time, is ranked the largest exchange globally, seeing a 24% decline in daily trade volumes over the past 24 hours.
Following a of multi-month price highs, () is down on the day, but remains above the $7,000 mark at $7,058 to press time, according to CoinMarketCap.
Published at Mon, 13 May 2019 10:08:48 +0000
