Crypto Talk #5 Binance is UP now, it was just a FUD but how this news spreads?

mann (61)in #crypto • 7 years ago

With the Mt Gox hacking in the year 2014, there have been several instances of Bitcoin and cryptocurrency exchanges possibly falling prey to the hackers, the recent one being Coincheck. And this has sparked fear in the minds of those who have already invested or about to invest in the market. The latest news was regarding the Hong Kong-based exchange, Binance.

Binance offers its consumers with a platform to trade digital assets including the famous Bitcoin. The company committed to providing transparent and a safe platform which encompasses all the services related to the Cryptocurrencies.

Launched in the year 2017, the company climbed the charts to become one of the largest cryptocurrency exchanges in the world. According to Tech in Asia report, the company was trading about $500 million every day.

What started the hack news?

Recently the exchange stated that they are upgrading their system and there will not be any trading or withdrawals allowed on their platform until Friday, the 9th of February.

It was on Wednesday when the trading exchange posted news on their Twitter platform that users might experience some performance issues on the platform as there is server maintenance scheduled. However immediately two hours later, the chief executive of Binance announce a couple of hours more than that the outage is prolonged and there will probably be a suspension of trading. A server issue causing the data issues was the reason given.

There were multiple tweets from Changpeng Zhao who confirmed that the outage would take more time and it did not go as per the planned schedule. This meant a blackout on the system which triggered a panic mode in the customers. There were speculations on the exchange being hacked, and the rumor mill soon started picking up pace due to this abrupt shutdown. It was expected as Coincheck, and a Japanese exchange was recently hacked for nearly 500 million NEM tokens.

The point to bear in mind though is that Binance stoutly refused these claims through various platforms like Twitter. As per their official statement the operations and services will resume by 4 are UTC on 9th February, and this upgrade was a necessity for the system to perform efficiently.

The real deal:

The system did not go up as per the promised time of UTC 4 am, which gain caused a round of panic. However, the system resumed operations at 10 am UTC on Feb 9th to the delight of many crypto customers.

In a tweet by the chief executive of Binance, the hacking is a rumor, and the service suspension was required for a successful system upgrade. He has also quoted that there might be still some issues which users might face while trading and the team will be available for the necessary support.

The actual problem was that the server of Binance was under a DDoS attack and the same has been resolved as we speak today.

It is not just the resolution of the issue that has made it delightful for crypto customers. It is also the deal which Binance has offered until 24th of this month as a token of gratitude. The trading fee will be lowered by as high as 70%, according to a status update from the company.

Binance is Up now so enjoy the trading in cryptocurrency!

Images source: 1,2