Hacked cryptocurrency exchange Binance has announced that its deposit and withdrawal services will be resumed on Tuesday.
"Our team is making progress and has been working through the weekend," Binance CEO Changpeng Zhao said in a brief update Monday.
"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," said the head of the Malta-based company.
He promised to share details on some of the changes later. The exact time of resumption will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt, he indicated.
Binance reported last week that it lost 7,000 bitcoins, worth around $41 million, in a major hacking.
Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info.
Binance said the hackers were able to withdraw 7000 BTC in a single transaction, and expressed doubt that there may also be additional affected accounts that have not been identified yet.
The hacking impacted only Binance's BTC hot wallet, which contained about 2 percent of the exchange's total BTC holdings. All the other wallets are secure and unharmed.
The withdrawal triggered various alarms in the system once it was executed, and all withdrawals were immediately stopped.
In the wake of the attack, Zhao announced thorough security review, which is estimated to take about one week. Deposits and withdrawals are currently suspended.
Binance promised to use the Secure Asset Fund for Users (SAFU) fund to cover the losses in full, and assured that no user funds will be affected.
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