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Binance updates dates for resuming deposit and withdrawals on the exchange after recent hack

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Binance updates dates for resuming deposit and withdrawals on the exchange after recent hack

Binance’s hack created quite a lot of buzz and also spread awareness about Bitcoin blockchain’s due to CZ’s comments to recover the lost funds. In a recent update on their official blog, the exchange revealed plans to resume deposit and withdrawals from Tuesday.

The blog stated:

“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.”

Perhaps the most important update in the blog was the date of resuming the deposits and withdrawals, which is slated for May 14, 2019. The blog stated that the exchange will “fully resume deposits and withdrawals on Tuesday”. However, the timing for the same has not yet been updated and it will be informed to the users in later stages and that it depends on testing that was currently undergoing.

Furthermore, another important mention in the security update was that the trading on the exchange will be “halted” during the deposit/withdrawal update.

Binance was hacked on May 07, 2019, which resulted in hackers getting away with 7000 BTC worth $41 million, and user data. CZ, the CEO, of Binance, has been transparent about the measures that were taken since the hack and has kept the community updated regarding the same.

A Twitter user, @kallitechniko, commented:

“We still have a question though just one question… WHY weren’t any authorities contacted? A) Funds are safu or B) Inside hack but I found it very odd you get hacked for 41 Mill and not one phone to call to any type of authorities… is binance decentralized? Hardly. Thank you.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.

XRP

XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind

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XRP TipBot goes online after a tiny downtime
Source: Unsplash

XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.





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