Monday, January 20, 2020

Eyebrows Raised As Binance Co-Founder Reassures System Maintenance

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

One of the world’s largest cryptocurrency exchanges, Binance, temporarily seized all functions recently as the candles stopped printing on TradeView, trades stopped showing up, problems with the system log-in as well as the deposits not being reflected among others. The exchange put out a maintenance announcement saying:

“Our system detected a disk failure and gracefully shut down to prevent any data loss or corruption. Will update regularly on our progress during the maintenance. Funds are #SAFU. We apologize for any inconvenience.”

Notice of a Scheduled System Maintenance

The exchange disclosed that the maintenance would be taking approximately 3 hours to implement. All deposits, withdrawals, and trading are being put on hold during this time and all uncompleted deposits would be completed when the maintenance is complete. The maintenance started by 20:00 UTC with the team promising to alert the community on all updates in progress. Binance later announced a few hours later that the system suffered from a disk failure and this was the source of the issues, however procedures in place detected the failure and swiftly prevented any and all irregularity.

Binance was the victim of a hack back in May which led to over $40 million of users being lost to the incident. There is an investigation still ongoing about the hack on how it happened and solutions on how to improve the security so as to prevent a similar loss happening in the future. After the ongoing maintenance period elapses, Binance will reopen for deposits and withdrawals as well as all systems functionalities resuming.

The General Public’s Reaction

Due to the recent events unfolding around Binance, mixed reactions are coming in from users all over the world with some suspecting a system hack similar to that of May and some suspecting foul play as Bitfinex made a suggestion that not just Binance but CoinField as well as CoinSquare went offline for a system maintenance just a few hours apart from each other and this seemed unusual. With reference to announcements of these exchanges on Twitter, CoinSquare was the first to undergo maintenance at 11:46 IST, followed by Binance at 03:05 IST and the CoinField being the last to go into maintenance mode at 03:20 IST. A Twitter user expressed also his disbelief of the entire situation saying:

“This doesn’t make much sense technically. What does this even mean? There’s no redundancy setup”

Another user added saying:

“Hrmmm… telling a highly technical user base that a “disk failure” caused an entire, top tier, exchange to go offline unscheduled. Paint some detail around that or suffer the backlash af, guys. Sheesh. You aren’t talking to a bunch of boomers on AOL, @cz_binance. C’mon, bruh.”

Binance however reassured the general public that it was not a hack and just a simple system upgrade and all operations will be certain to resume as soon as possible.

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