Binance Resumed Deposits, Withdrawals on Ronin Network

Binance resumed deposits and withdrawals on the Ronin network after the hack recently and a loss of $625 million in USDC and Ether as we reported in our crypto news.

The exchange giant Binance said that the deposits and withdrawals on Axie Infinity’s Ronin Network were intiially suspended after one of the largest hacks in history but now Binance resumed deposits and withdrawals on the network. Binance also said that it suspended the deposits and withdrawals on the network and blocked the potential hacker addresses with a dedicated monitoring team that watched for any unusual transaction. Binance paused the withdrawals and wrapped ETH on the ETH network as well as the convert function from wETH to ETH.

The crypto exchange said the deposits and the withdrawals for Axie Infinity and SLP token on the Ronin network were resumed. However, the withdrawals of wrapped Ether on the network and the conversation function from WETH to ETH remain closed until the exchange is looking stable. Ronin said that the attacker used private keys in order to forge the fake withdrawals from the Ronin bridge on two transactions and made losses of 173,600 ETH and 25.5 million USDC and more than $625 million at current values.

As recently reported, Binance won dismissal over the 2018 class-action lawsuit for the tokens that tanked and the judge ruled domestic law doesn’t apply to the exchange and it is not an exchange domestic to the US saying that the case was filed too late. The federal judge dismissed the class action complaint asserting that Binance violated US securities laws by not registering as a broker-dealer or an exchange and managed to sell tokens that were not registered with the US SEC. Binance won the dismissal today. The original complaint filed in the US District Court for the Southern District of New York was launched by investors that invested in EOS, BNT, SNT, KNC, TRX, QSP, ICX, FUN, LEND, ELF, CVC between 2017 and 2018. The amended complaint was filed listing nine tokens with CVC, BNT and SMT removed.

Binance hired Rohit Wad who is a 30-year veteran of Silicon Valley from companies like Google and Microsoft. The move came as the exchange pushes to win the trust of regulators and mainstream finance. The platform announced that it hired Rohit Wad who spent more than 30 years at Microsoft and other companies, to be its new chief technology officer.