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Binance’s CZ reveals token withdrawal status even as coin falls by over 3% in an hour

Namrata Shukla



Binance's CZ announces token withdrawal status as coin falls by over 3% in an hour
Source: Pixabay

Binance exchange, the world’s largest cryptocurrency exchange, suffered a hack of 7000 BTCs worth $40 million, a hack that targeted the exchange’s hot wallet. Following the hack, the exchange shutdown operations temporarily and suspended withdrawal and deposit services. After a long wait, Binance CEO Changpeng Zhao aka CZ, had announced the resumption of services earlier this week.

In a recent tweet, CZ said,

“Withdrawals are open for most tokens, the balance will be open shortly.
A new requirement to be logged in while confirming the withdrawal mail was added. It caused a small conflict while using the app so it will be rolled back shortly.”

The exchange’s native coin, Binance coin [BNB], saw tremendous growth over the past few days and as Binance gets back on its feet, the community grows stronger. The exchange also announced that it will convert all ERC20 BNB tokens to their new native BEP2 tokens. CZ announced,

“@Binance will convert all the ERC20 $BNB tokens in our hot & cold wallets to native BEP2 tokens. To achieve this, all the ERC20 BNB tokens in our hot & cold wallets will be burned and equal amounts of BEP2 tokens will be sent from the creator address to our new BNB cold wallet⬇️”

Binance coin [BNB] noted significant growth over the past few days. However, it was falling by 3.88% over the past hour, at press time. It was valued at $25.78 with a market cap of $3.63 billion. The 24-hour trading volume of the coin was noted to be $454 million as the coin noted seven-day growth of 26.91% and 1.69% over the past day.

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