Binance, one of the world’s largest cryptocurrency exchanges, has temporarily suspended trading.
Changpeng Zhao, CEO of Binance, tweeted on Feb. 7 at 6:38pm EST that Binance was experiencing a server error that will take several hours to resolve, adding that “no data is lost.”
Mr Zhao said:
“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.”
The Binance official Twitter said that the exchange is “on track for trading to recommence at 4 am UTC 2018/02/09.”
Was it hacked?
Binance registers daily trades in the billions and the outage has raised concerns that it might have been hacked.
John McAfee, founder of software company McAfee Associates, said on Twitter that rumours “are flying among top crypto influencers” that they may have been hacked.
Binance has suspended trading. The company claims that they are doing a system upgrade and will resume at 2:00 AM GMT Friday. While I have no hard evidence, rumours are flying among top crypto influencers that they may have been hacked. Will keep you informed.
— John McAfee (@officialmcafee) February 8, 2018
Binance responded to the rumors that its system had been compromised, stating that the exchange had not been hacked and asked people to not spread false information.
Binance has not been hacked. Please do not spread false information. If you want to keep updated on the status of our system upgrade you’re welcome to follow @cz_binance or @binance_2017
— binance (@binance_2017) February 8, 2018
Zhao Tweeted that nobody had hacked the exchange.
Source: @cz_binance
Terminology
- Cryptocurrency exchanges are places where we can buy and sell cryptocurrencies. You can buy cryptocurrencies using either fiat money, other cryptocurrencies, or other digital assets.
- Fiat money is money that a government declares as legal tender. Dollars, euros, pounds, yan, yuan, rupees, for example, are fiat currencies.
Video – What is a cryptocurrency?
We hear and read about them everywhere. However, what does the term mean? Watch this Market Business News video to find out.