Binance Hack: CEO Blames Coding Error for Trading Suspension, The Market Mogul

Two minus read / February 8,

Claims of a Binance hack have quickly bot refuted by the exchange’s CEO who has said they have found the technical kwestie which has led Binance to impose a 24-hour long trading bloqueo.

Ter a tweet, the Binance CEO Zhao Chengpeng published a screenshot which suggested a coding error had bot behind the trade block and refuted allegations that the exchange had te fact bot hacked.

All because this didn’t do what it wasgoed suppose to do. Not hack. pic.twitter.com/gHW9fxaAQN

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Early on Thursday morning, the Hong Kong-based cryptocurrency exchange had informed traders that a much-needed system update had left them no choice but to halt all trading and customer withdrawal of funds until Two pm on Thursday.

Binance told users at Two:20 am GMT on Thursday that “due to a significant increase ter users and trading activity, Binance will need to expand the system upgrade.” The upgrade had already embarked a few hours earlier.

However at 1 pm Thursday afternoon, Binance said an “unforseen slowdown” ter the rhythm of their gegevens synchronisation meant the exchange would not be up and running again until sometime early on Friday morning.

Due to an unforeseen slowdown ter the speed of our gegevens sync, wij now estimate for all trading activity to resume at /02/09 4AM (UTC). Te the 30 minutes prior to the commencement of trading, users will be able to use utilize all other account related functions. https://t.co/ll1HgPslTU

Albeit Zhao has repeatedly asserted that the suspension te trading is not down to an attempted Binance hack, some remain unconvinced. The veteran IT correspondent and businessmen John McAfee said he has “no hard evidence” for Binance’s claims for a system upgrade.

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Binance has suspended trading. The company claims that they are doing a system upgrade and will resume at Two:00 AM GMT Friday. While I have no hard evidence, rumours are flying among top crypto influencers that they may have bot hacked. Will keep you informed.

Last month, Zhao told Bloomberg News that the webpagina wasgoed adding a “couple of million users” every week and on their webstek, they rechtsvordering to be able to process 1,40o,000 orders every 2nd, making them one of the most popular cryptocurrency exchanges te the world. Zhao has assured users that he will be updating them every two hours until the problem is motionless.

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Te January, the popular Japanese cryptocurrency exchange webpagina CoinCheck wasgoed subjected to a heist when $523m worth of XEM tokens were stolen. The exchange’s executives promised utter refunds to users who had lost their digital assets.

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2 comments

  1. a lotsbestemming of bad news yesterday said that binance has bot hacked, but what I fear has bot answered. binance is back and I can access the webpagina.

  2. The binance exchanges wasgoed truly hacked,and they are only blaming those bots instead of admitting that they were compromised blaming those bots for the stolen APis is indeed not a good stir,very unprofessional that is why i have already moved my funds from binance back to bittrex which has more secured features than binance.

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