Monday , 19 February 2018

Crypto exchange Binance relaunches after upgrade

Binance, a Hong Kong-based cryptocurrency exchange, reopened trading on Friday morning following more than a day of system maintenance and rumors that it had become the latest trading platform to succumb to a hack.

Trading resumed at 10 am UTC, approximately six hours after the company had said the platform would be back up and running, and users had access to the platform an hour beforehand to cancel open orders and make any deposits or withdrawals they needed to make before trading reopened.

Binance — the world’s highest-volume cryptocurrency exchange — had abruptly gone offline Wednesday evening, and the company repeatedly extended the maintenance window, which it said stemmed from a failure in its replica database that required them to fully re-sync their data.

In addition to resuming trading, the exchange announced that it would provide a 70 percent discount on all trading fees until Feb. 24, and despite the inconvenience, the majority of social media users appeared pleased with the way the company had maintained steady communication regarding the downtime.

Exchange proves hack rumors false

Binance has risen to international fame in the brief six-month period it has existed on the cryptocurrency exchange market.

This week, CEO Changpeng Zhao was named as one of the crypto industry’s “richest people” in a first-of-its-kind list from Forbes. As of January, 2018 Binance was the largest trading platform in the world, Cointelegraph reporting user numbers increasing by 240,000 per hour and restrictions being placed on new sign-ups.

Despite a “slowdown” in the complex procedures used to facilitate the upgrade, Zhao assured users on social media that the integrity of data was not at risk at any point.

“There was a DDoS attack on our cloud provider, resolved, but still some lingering effects,” he added in a further recent twitter update.

In spite of the repeatedly denied the rumors, McAfee’s tweets stirred the pot. To prove solvency, the company posted its wallet addresses so users could verify that funds had not been moved.

However, users may still experience some issues, despite the claimed upgrade completion. Zhao added in a tweet that customers trying to access Binance.com may still face problems.

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