Binance, the most prominent crypto exchange in terms of the volume, has faced a security breach and stopped operational activities, but has affirmed that investor funds are well protected.
The news of the exchange disruption unfolded immediately in the crypto community. The exchange foresees to halt all trading and orders for the following six hours.
Binance.US officially tweeted:
“At 11:26 am EST, we noticed our systems not functioning as intended. To protect our users, we will be stopping trading, order processing, buy crypto, deposits, and withdrawals. We will let users cancel their orders 30min before we reopen trading. We expect this will take 6 hours.”
Binance.US Undisclosed Malfunctioning Lifted Users Concerns
Earlier on April 29, Binance Chinese domains encountered security problems. There were a series of distributed denial of service, or DDoS, attacks that momentarily slowed down the Chinese domains.
During that time, CZ said that the exchange has white hackers that serve on to secure the platform. He said, “We of course do. We also have self-perceived “competitors” doing testing for us. Everyone is working on Binance.”
Regarding the recent disruption, Catherine Coley, CEO of Binance.US, posted a tweet, “We will be updating all of you while we get more information on this situation as our team works diligently to restore service to all of our users. Your funds are safe.”
Soon after Binance confirmed the news that the exchange faced disruption, several users over social media have marked great concerns. While responding to user questions about a hack, Coley tweeted, “Not hacked. We are working on resolving it ASAP and taking precautions in advance to protect our users.”