10/05/19 06:00 UTC-4

Consequences of hacking: Binance Exchange increases the limit of orders to 500%

Binance increases order limits
Binance increases order limits

After a recent hack, Binance increased its limit on the purchase and sale of cryptocurrency by $40 million.

On May 8th, there was a message about the hacking of a major Binance cryptocurrency exchange. The platform was hacked on May 7th at 5:15:24 PM (UTC). The attackers managed to kidnap 7000 Bitcoins, equivalent to 4.5 million US dollars.


Limit on the stock-exchange

After hacking, the purchase and sale limit were set at no more than 30%, in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details
to ensure security and in case of hacker tricks.

Since May 7th, Binance raised the limit to 500% in accordance with a report from Binance CEO Changpeng Zhao.

Interesting in the section: Description of the Binance exchange platform, the algorithm for creating an account

The stock-exchange received public criticism after reducing price restrictions, but the CEO said: "We have restored the limits to 500%. Sorry for the problems, we must be careful and focus on security." 

Binance Exchange announced an increase in the limit of orders to 500%. Binance delays withdrawals and deposits to ensure the safety of customer funds. The investigation into the hacking continues, but customers are interested in when the exchange will open deposits and withdrawals, to which they received a response on Binance Twitter: "The opening will be next week, this time it is better not to hurry than to regret later. Please stay with us. Your understanding is much appreciated."

Editor: Yuliya Soroka

See also: "For unknown reasons, the KuCoin exchange has suspended the trading of RHOC cryptocurrency"

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Hypes, funds, fiat money