Crypto-Currency Exchange Binance wasn’t Breached but had Server Problem

Binance a crypto-currency exchange based in Hong Kong stated it would neither recommence trading nor facilitate withdrawals for customers till before February 9 because of one continued blackout attributed to an extended system upgrade.

Binance's suspended service has triggered apprehensions about a hack into the exchange, although Binance's response on Twitter indicates a strong denial of the claim. Binance in its latest statement notes that the exchange would likely continue with its trading from Friday starting 4am UTC.

According to one tweet by Changpeng CZ Zhao, Chief Executive Officer of Binance, the company encountered a server problem from its replica database system that resulted in certain data to get desynchronized. It was now needed to wholly synchronize again, from master. Further, because of the data's huge size, several hours would be required for the purpose. Meanwhile, all data was intact, Zhao wrote adding his company appreciated clients' support and understanding.

Binance stated it assumed that by the time it would be 2 pm GMT, the data synchronization would finish; however, that trading and withdrawals would remain suspended in that interval. Nevertheless, when it was 1:07 pm GMT, the exchange had to forcibly curtail its trade resumption activity to Friday, 4 am GMT.

As per CoinMarketCap, Binance is a gigantic crypto-currency exchange with a most heavy traffic having bitcoin worth almost $480m that got circulated during the last 24-hrs. The said volume was behind just OKEx. Businessinsider.com posted this on the Web dated February 8, 2018.

One rapid inspection of 2 wallet ids posted online appears to substantiate that Binance didn't get hacked. One Ethereum wallet presently contains Ether worth USD 153m. One bitcoin wallet transacted more than 84,000 times worth of 1.3m Bitcoins (USD 11bn and more), while holds the current balance valuing 32,125 BTCs (USD 268m).

According to Mr. Zhao in a Bloomberg TV broadcast, Binance by mid-January was growing fast similar as other trading venues of digital currencies, adding the exchange incorporated some millions of permanent customers every week.

Notably, both the Ethereum and Bitcoin storages that Binance offers display coin balances of $151min and $263 min respectively.

» SPAMfighter News - 2/16/2018