On February 7th, one of the world’s biggest Cryptocurrency Exchanges, Binance, sealed its database all of a sudden in the interest of ‘ System Maintenance’. All assumptions of the system being hacked have been refused by the company and this discontinuation of trading is stated to be a part of the System Support. This problem at the Hong Kong-based Sector came into notice on Thursday at about 2:20 a.m. The company had initially assured the traders to be fully functional within 12 hours but has aggravated the situation by further announcing that it could be unoperational for a few more hours.
Binance carried out an announcement that the system upgrade will need to be extended for some more time since there has been a noticeable increase in the number of users. Zhao Changpeng, CEO of Binance, declared on Twitter that there happens to be a“server issue on our replica database cluster, causing some data to be out of sync. Need to fully resync from the master. Due to the size of the data, it will take several hours. No data is lost. We appreciate your understanding and support.’’
It has been repeatedly confirmed that the company is not a Victim of Cyber Crime.It is Indeed true, that a number of reputed Exchanges were pushed to stop it’s functionality for the sake of System Maintenance, lately.
As stated by Mr. Zhao on Twitter, there’s a lot of scope for improvement on their part since the company is growing rapidly. As a factual estimation of this, about 250,000 people have registered with Binance within an hour’s notice at the end of January.
binAs of now, Binance has resumed all its trading and as an act of apology, the company has resolved to provide 70% discount on all it’s trading fees to the users.