The Binance exchange has been scrambling to resolve security issues after last week's major hack, resulting in the loss of about 7,000 BTC. Since the May 7 attack, Binance had suspended all trading, deposits and withdrawals, while investigating all system vulnerabilities. Binance CEO, Chanpeng Zhao (CZ), promised that no user funds would be affected, and any losses would be immediately repaid. Usually, the loss of funds from a hack to an exchange the size of Binance would result in a measurable impact on the over all crypto market. This time however, it did not. In fact, the market continued upward, with the likes of Bitcoin reaching 2019 highs, the likes of which hadn't been seen for about 10 months.
The Binance exchange is set to resume trading today, and CZ is aiming to show appreciation to those who stuck by his exchange after such a sizable attack. CZ tweeted this morning some exciting news:
The exchange released details of a giveaway and membership upgrade promotion to incentivize their users to resume activity on the exchange, including a 50,000 BNB prize pool for Bitcoin traders, any current VIP members will see a 1-level upgrade to their membership for 7 days: :
Trade over 1 BTC to share a 50,000 BNB prize pool
Promotion Period: 2019/05/15 1:00 PM - 2019/05/18 0:00 AM (UTC)
All users with valid trading volume of 1 BTC or more (buy & sells) across any trading pairs on Binance during the promotion period will split a pool of 50,000 BNB.
Enjoy a VIP level up for 7 days
Promotion Period: 2019/05/15 1:00 PM - 2019/05/22 0:00 AM (UTC)
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. Please refer to our Binance VIP Level Standard to see if you qualify.
Additional information regarding terms of the promotions can be found here.