Binance returns to full functionality
The Binance team battles through a perfect storm of problems...
Changpeng Zao breaks down the last few days of tumult in this article, tweeted this morning.
In summary, the Binance platform experienced a data sync failure which took much longer than expected to re-sync due to unforeseen problems. In a case of "when it rains, it pours", the platform was also assailed with DDoS attacks that further complicated issues in attempting to fully restore services to the www.binance.com domain. Sub-domains were recommended as a temporary work-around (us.binance.com and kr.binance.com), but these presented their own unique problems with authentication and withdrawal confirmations, since these confirmations were, by default, associated with the www.binance.com address, not the sub-domains. Rumours of Binance falling victim to hacks (brought on by a John McAfee tweet - the real John McAfee), were untrue and immediately dispelled by Binance themselves with proof, showing their wallets to be safely intact on the public ledger.
Today, I can confirm that everything is operating normally. In fact - well, it could just be me - but the website seems to be more responsive than before - likely due to the services and implemented upgrades.
In situations like this, the best approach is likely to stay away from taking advice from random Twitter users recommending various addresses as work-arounds, as they may be phishing scams. Look very carefully for slight misspellings of names or variations in punctuation, such as biuance or binance__2017 - these are intended to get you to share your personal information. Having said that, the sub-domains were clearly associated with the official Binance domain, and were retweeted by Binance themselves. Just stay patient and remain extremely careful with your login credentials. Do not submit your credentials to a website that is not secure (the little green secure notice should be in front of the URL).
Binance, and Changpeng Zao, in particular, maintained excellent communication throughout this incident, and should be commended for their fine work weathering this storm. Enjoy trading today!
*This is not professional trading advice - it's just my opinion!
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source:
https://www.linkedin.com/pulse/binance-incident-recap-changpeng-zhao/
https://www.coindesk.com/senior-blockchain-exec-joins-largest-chinese-exchange-okcoin/
I was disappointed by the lapse in service, but not worried. I had tried a lot of other exchanges and found Binance to be the most sound. What sold me was their implementation of BNB coin. Establishing an exchange based coin which did exactly what it aimed to was very reassuring. It showed a level of investment in the future of crypto.
The lapse in service was disconcerting, for sure. It is an excellent service and I agree, @forgonetokens, the Binancecoin is a brilliant concept. It's my preferred exchange.