Breaking News

Less than an hour ago, exchange giant Binance announced that they were closing the doors for the next 12 hours. A system upgrade extension was cited as the reason.

Anxious traders responded to the company Tweet in the hope that the exchange had not been hacked and no data was lost. They were reassured by the company:

We experienced a server issue on our replica database cluster, causing some data to be out of sync. Need to fully resync from master. Due the size of the data, it will take several hours. No data is lost. We appreciate your understanding and support.

CZ (@cz_binance) February 8, 2018

Binance Website Down Issue:

Binance ended up fixing the issue following a 30 hours complete black out. As the world's number 1 Cryptocurrency Exchange, Binance which has begun in 2017, encountered a few issues yesterday (Feb 8th) and members were not able to sign in or exchange any coins. They have quit tolerating new clients amid this time. Additionally, they have suspended Deposit and Withdraw which tricked numerous clients as they have bolted their cash which must be utilized by the 24-hour unpredictable market.

Large amount of people speculated that the plateform was most likely not hacked. Binance immediately denied this by demonstrating their current exchange wallet of 30,000 Bitcoins. The purpose behind the problem is their database. An earlier crash of their system database forced them to restart the whole system. Since about 6 Million+ clients signed up in a brief time, they had a ton of information in their database and clearly, it sets aside a considerable measure of opportunity to recuperate or synchronize such a major one.

They were back on business the following 30 hours. Despite the fact that numerous individuals condemned their communication, that they neglected to pre-suggest with respect to the support and security refresh, numerous prised them as they ceaselessly updated their clients on Twitter. The CEO of Binance CZ additionally distributed his updates through his personal Twitter very promptly. He shared with his community that he only slept two hours the past 30 hours in order to get things back to normal.