February 08, 2018 -- ADVFN Crypto NewsWire -- Binance, the
cryptocurrency exchange currently ranked second to OKEx
on CoinMarketCap in trading volume, has temporarily
suspended withdrawals and trading.
Changpeng Zhao, CEO of Binance, tweeted on Feb. 7 at 6:38pm EST
that the exchange was experiencing a server error that could be
resolved in a few hours and that “no data is lost.”
CZ@cz_binance
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.
6:38 PM - Feb 7, 2018
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About two hours later, Zhao tweeted that the new
estimate for resolving the out of sync data was 10 hours. A
separate tweet shortly after apologized to Binance customers for
the system’s extended and unexpected downtime:
CZ@cz_binance
sorry guys, not something we want either. We didn't have a
choice, other than trying to fix it as soon as possible for our
users. One of our team literally threw up after the calculation
arrived at 10 hours.
https://twitter.com/iblb562/status/961463703072686080 …
9:10 PM - Feb 7, 2018
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Cryptocurrency exchange Kraken had experienced similar
unexpected downtime in January, when a scheduled two-hour long
system upgrade turned into a more than two day delay until the
exchange went back online.
According to Binance’s official Twitter, trading activity is
estimated to resume on Feb. 9 at 4am (UTC) (11:00pm EST). Customers
will have 30 minutes before trading starts to withdraw orders.
Zhao has denied that any hack on Binance has taken place:
View image on Twitter
CZ@cz_binance
All because this didn’t do what it was suppose to do. Not
hack.
5:23 AM - Feb 8, 2018
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Binance had seen a such large influx of new customers,
adding 250,000 thousand in one day on Jan. 4
and 240,000 users in one hour on Jan. 13, that
they temporarily suspended new user sign ups in early
January. Exchanges Bittrex and Bitfinex have
also stopped new users sign ups for the same reason.
Binance had been the world’s largest crypto exchange in
mid-January, at one point hosting trading of almost $5 bln over a
24-hour period. OKEx now holds the number one spot for trading
volume on CoinMarketCap, about $3.5 bln over a 24-hour
period by press time, with Binance’s trading volume at about $2.1
bln over a 24-hour period by press time.
Author: Molly Jane Zuckerman