Sunday, August 18, 2019

Eyebrows Raised As Binance Co-Founder Reassures System Maintenance

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.

Leave a Reply

Please Login to comment

More Articles

Binance LCX Partners with Liechtenstein Exchange to Launch Fiat...

Binance LCX and Liechtenstein Crypto-asset exchange have partnered to launch a Fiat-to-currency exchange platform. Binance LCX, is a jointly owned venture between Binance and LCX. According to...

Aphelion DEX Suspends Trading, Seeks To Comply With New...

Aphelion, a decentralized exchanged based on the NEO cryptocurrency, decided to stop trading operations in its platform. This with the objective of not incurring in...

IMF and World Bank Launches Private Blockchain-based Cryptocurrency

A number of financial institutions are known to be pessimistic about Bitcoin and even blockchain technology. Nonetheless, the International Monetary Fund (IMF)...

Tencent Games Enters New Partnership with Blockchain Esports Platform

A publication has been made on the partnership between an esports entertainment platform on the blockchain, SLIVER.tv and Tencent Games.

John McAfee’s Wacky Bitcoin Price Prediction Is Back On...

Since Bitcoin gained recognition and made the cryptocurrency market relevant as it is today, there have been all kinds of predictions about its price...

Bitcoin Could Surge To $10,000 By May, Says Crypto...

The price of the top value cryptocurrency, bitcoin has lingered within the range of $5,100 and $5,200 in recent time until a...

Circle Introduces Its New Stablecoin

Stablecoins are in trend lately. It seems like every financial institution and exchange wants to issue its own cryptocurrency. This time is none other...

Lightning Network to Allow Automatic Bitcoin Micropayments Soon

The co-founder and software developer at Grant.io, Willie O’Beirne gave an introduction of Joule Allowances on June 13, 2019, as the Bitcoin Network takes...

BitMEX’s New COO Angelina Kwan Joins the Crypto Space...

Angelina Kwan, former managing director and head of regulatory compliance for Hong Kong Exchange and Clearing, is taking on the position of COO of...

BitMEX CEO Arthur Hayes Says Bitcoin Could Fall Under...

BitMEX CEO Arthur Hayes has written yesterday in BitMEX's mail digest that we could see new lows in bitcoin's price soon enough. This after...

Blockchain Firm Libereum Purchases Elche Football Team

SEC Commissioner Assures The Community That There Will Eventually...

Robert J. Jackson, a Securities and Exchange Commission commissioner, stated in a leaked interview that he believes that Bitcoin ETF will eventually see approval....

Latest Articles

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...

No-fee Mobile Trading App Quantfury Increases Crypto Support with...

The no-fees mobile trading app Quantfury has been expanding its crypto services lately, most notably with the addition of the DASH cryptocurrency. The coin...