Prolonged blackout fuels Binance hack fears

Prolonged blackout fuels Binance hack fears

binance

Binance, one of the world’s leading cryptocurrency exchanges, had to vehemently refute speculations that it has been hacked, after a prolonged system upgrade that was further hindered by “DDoS attacks on its cloud provider” (as per Twitter) and various other issues.

binance twitter

In a series of Tweets the exchange, whose site, along with trading and all other operations, was also unavailable, has kept its users frequently updated on the progress of upgrade and restoration, but had to push back the re-launch of its services several times for various reasons. Naturally, this has sparked fears that the exchange has been hacked and customer funds may have been stolen, but Binance has denied those speculations.

At the time of the writing of this article, the exchange was planning to gradually restore its services and was offering a discount on all trading fees until February 24.

Edit: Eventually, shortly after we published this story, Binance announced it restored its system and is resuming service. In the 60 minutes before the resuming of trading, users would be able to cancel orders, process deposits, withdrawals, and use all other account related functions. 

Binance is a relatively new cryptocurrency exchange that launched in 2017, but quickly took one of the leading positions in terms of trading volume. According to a December report from Tech In Asia, the exchange was seeing as much as $500 million in daily trading volume. It is one of the exchanges that does not offer trading in cryptocurrencies for fiat, but in cryptocurrencies only.

binance offline

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