Well, what they say is true, a Bitcoin [BTC] bull-run brings the entire cryptocurrency market together. The large virtual currency transaction aggregator Whale Alert has pledged its support to Binance, following the latter’s hack to the tune of $40 million last week.
The twitter handle for the aggregator stated that a special protocol has been put in place that will notify the hacked exchange if any large-scale transaction involving the stolen Bitcoin is administered. Whale Alerts’ May 14 tweet stated:
“⚠️⚠️⚠️ We have added special warnings for the Binance Hack! If anyone tries to move the stolen #BTC, you’ll be the first to know!”
Binance was hacked on May 8 when a “security breach,” resulted in 7,000 BTC being taken out of the exchange. Given the prevailing BTC price, the hack resulted in a loss of $40 million.
Since then, the CEO of the exchange, Changpeng Zhao had initially veered towards a Bitcoin blockchain “reorg,” however, after community backlash, the idea was dropped.
CZ responded to Whale Alert’s assistance in the hack, stating:
“Damn, great idea, thanks! Have to follow you now. If you do this for all other previous hacks, this is such a strong feature that everyone have to follow you. And you are providing an invaluable service in fighting bad players in the space. Social monitoring!”
Following the hack, Binance announced that withdrawals and deposits would be halted till May 14. Although, based on a subsequent announcement by the exchange, a scheduled upgrade will be performed at 0300 UTC on May 15, which would last for a period of 6-8 hours.
During this period, the exchange would move to once again suspend deposits, withdrawals, and trading. Their security update stated:
“Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete.