Binance Offers Rewards To Users After System Upgrade

Hacked cryptocurrency exchange Binance has resumed all trading activities after completing its system upgrade.

The upgrade that started on Wednesday took longer than expected, the company said on its blog. Binance had suspended all deposits, withdrawals, and trading during this period.

Binance had lost 7,000 bitcoins, worth around $41 million, in a major hacking last week. The attack impacted only Binance’s BTC hot wallet, which contained about 2 percent of the exchange’s total BTC holdings.

In the wake of the hacking, Binance CEO Changpeng Zhao announced thorough security review.

To increase the security and protection of users’ account, users have been recommended to periodically change password, reset 2FA, and update anti-phishing code.

Additionally, to express gratitude for the Binance community’s unwavering support during the crisis, the company offered two rewards to its users: VIP level ups and a 50,000 BNB giveaway.

As per the offer, which is valid up to May 18, all users with valid trading volume of 1 BTC or more across any trading pairs on Binance during the promotion period will split a prize pool of 50,000 BNB.

All existing VIP users will enjoy a one VIP level up on their current VIP level obtained by the standard qualified trading volume and BNB asset holding calculation. For example, a VIP 3 user will be promoted to VIP 4 during the promotion period. This offer is valid up to May 22.

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