About a week ago, Binance exchange users got the biggest surprise of their lives. Binance exchange which is one of the biggest exchanges in the world right now was hacked, and the hacker made away with around 7,000 BTC, valued at $40 million at the time. This was significant in that few thought that Binance<a href="https://www.cryptoknowmics.com/crypto/binance-coin-bnb-trades-at-31-after-binances-release-of-2-0-treasure-tweet/"> systems</a> could be penetrated. In the past, hackers had only been able to penetrate low to mid-level exchanges and successfully stolen. Following the hack, the exchange announced it would suspend all deposits and withdrawals allowing for the team to overhaul its system and make security adjustments.

In an <a href="https://www.coindesk.com/hacked-crypto-exchange-binance-to-resume-deposits-and-withdrawals-on-tuesday">update delivered by the exchange's CEO</a>, Changpeng Zhao, on Monday, the exchange will resume operations on Tuesday. This will allow its users to resume in deposits and withdrawals into and from the exchange.
<blockquote><em>"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,”</em> stated Mr. Zhao.</blockquote>
The CEO did not explain fully what adjustments the company had made to ensure this event did not take place again but promised to do so at a later date. It is expected that trading will halt while the exchange makes the update but only for a short while.

<strong>Was The Lack Of Price Response After The Hack A Sign Of Maturity?</strong>
When the exchange announced the hack, many were expecting prices to take a dramatic dip. Historically, this had been the case. The cryptocurrency market has been known not to take bad news all that well. Even during low-level hacks, prices have reacted negatively. So, when one of the largest exchanges announced it had been hacked and millions of dollars lost, it was anticipated that nervy investors would trigger a sell-off and send prices plummeting.

To most people's surprise, the market remained unshaken by the announcement. The bull's run at the time of the announcement, which the market is still riding on, persisted and since has seen the market set new 2019 highs. For any investment product, this is a sign of maturity.

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Hacked Binance Exchange Announces Halted Deposits And Withdrawals To Resume On Tuesday

John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

Hacked Binance Exchange Announces Halted Deposits And Withdrawals To Resume On Tuesday

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