As a way of apologizing to Binance depositors after the security breach of last week, the platform is now offering Tokens of BNP that are equivalent to $1.2 million. The Binance chief, Changpeng Zhao, has revealed the reward plan roll out on his Twitter account CZ Binance (@cz_binance).
“…giving $1,200,000 equivalent in $bnb back…” read the tweet.
Moreover, the issuance of the $1,200,000 worth of BNB is a gesture of good faith to depositors and Crypto holders who have so far stuck with the Crypto exchange in its time of vulnerability.
The Binance Heist Shocked The Crypto Market
CEO Changpeng Zhao has managed to build Binance from the proof-of-concept to the leading Crypto exchange platform it is today.
As the largest Crypto marketplace in the world, it came as a surprise to many that hackers could detect a vulnerability in Binance’s hot wallet to the extent of making away with 7,000 BTC Tokens. At the current market rate, the stolen Bitcoin Tokens are worth over $56.5 million.
The Heist Did Not Rattle The Markets For Long
After news of the Binance platform heist hit the mainstream media, many commentators on TV station believed that the market could return on its downward spiral. Their standpoint was that security has been a major concern to many Crypto buyers and the event could only reignite the long-held security fears and stall the market bulls.
However, Bitcoin only saw an intraday slump before fully recovering and finishing the day on the green. It is vital to note the there was a marginal price gain despite Binance-the largest Crypto marketplace by volume-being unavailable as it was undergoing maintenance.
Binance Services Have Been Re-Enabled
Withdrawals and deposits have been re-enabled on Binance and traders can resume their orders. The official report on the matter show that security has been enhanced and the system is fool-proof as at this point.
On a tweet on the official Twitter page of Binance (@binance), an announcement says “Trading is now live” and it goes ahead to thank Binance depositors for being patient and supportive.
About The Promotion
Binance users who trade over 1 BTC are eligible to get a proportion of the 50,000 BNB giveaway. Both buys and sells investments will benefit and all BTC pairs are also covered in the promotion program. The giveaway started on May 15, 2019, at 01:00 UTC and is running up to May 18, 2019, at 00:00 UTC.
In addition to the BTC giveaway promo, there is a VIP level upgrade program that intends to raise the current VIP levels of users up to one slot. However, the benefit is only in effect for a short period as it is running from May 15 to May 22, 2019.
Binance Is Likely To Leverage The Surge Of Interest In Cryptos
The media has been awash with news of the Crypto boom and exchanges have been reporting a sharp surge in trading volumes. Hence, the VIP level-up program, as well as the BNB Tokens giveaway program, are likely to start off Binance on high gear.