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Binance’s CZ informs customers about resumption of deposit, withdrawal services

Namrata Shukla



Binance's CZ informs customers about resuming deposit and withdrawal services
Source: Pixabay

Binance had pledged to increase the quality of its security after the May 7 hack, wherein 7,000 Bitcoins [BTC] were stolen from the exchange’s hot wallet. However, the customers can take a sigh of relief as the CEO of Binance, Changpeng Zhao, informed that withdrawals and deposits services would be restarted early next week.

Twitter user @CryptoVanessa asked:

“Hey @cz_binance how long till the deposite/withdraw suspend is over ? @binance #Binance”

CZ informed the user that his team is aiming to start the services by early next week and added:

“We are aiming for early part of next week, better safe than sorry this time. Please bare with us. Your understanding is much appreciated. 🙏🙏🙏”

With the largest cryptocurrency Bitcoin [BTC] soaring almost every day and aiming to cross $7k, the users are anxious to get better returns and deposit more BTC. One of the Twitter users asked the CEO to hurry up the process in order to deposit BTC and the CEO replied:

“working on it, day and night.”

Binance, the largest cryptocurrency exchange was believed to be safe and CZ had time and again bragged about its security until they were hacked. Post the hack, the company promised its customers to ‘significantly revamp’ their security, procedures, and practices. The CEO said:

“significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident.”

Post the hack, Binance Coin had been falling, however, the pump of BTC saved the coin from going into a slump. BNB was valued at $20.52 with a market cap of $2.89 billion, at press time. The 24-hour trading volume of the coin was reported to be $234.74 million as it reported a fall by 10.51% over the past week. The coin made some recovery as it managed to register 6.03% growth in the past day and 1.09% within an hour.

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




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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