Business 10 months ago

Vince Dioquino

Binance shuts down temporarily, cites server issues

Hours after getting featured on the cover of Forbes magazine for their crypto rich list, Binance CEO Changpeng “CZ” Zhao announced via Twitter that the exchange will be down for 12 hours, citing “a server issue on our replica database cluster” that caused “some data to be out of sync.”

According to Zhao’s estimates, the syncing issue will take several hours to resync with their backend server’s master branch. Zhao assured everyone using the exchange that “no data is lost.”

In a recent post from their support page, Binance announced a “System Upgrade Extension,” noting “a significant increase in users and trading activity” made the extension necessary. The exchange will effectively halt withdrawals and trading until 2PM UTC, which is approximately 12 hours after the announcement was posted.

The announcement fueled some adverse and speculative reactions from Binance users. Twitter user @ThatDudeF asked Zhao, “Not a hack right?” The CEO promptly replied with a “no.”

Server issues are nothing new when it comes to prominent exchanges like Binance, which can process some 1.4 million transactions per second on an average day. However, due to reports of the recent intrusions on the Coincheck exchange based in Japan, cryptocurrency users are wary and sensitive to any news of instability from major exchanges.

The exchange’s CEO is among the most prominent figures in the cryptocurrency industry, alongside Roger Ver and Ben Reeves. Zhao, who once worked overnight shifts at a fast-food restaurant and a gasoline station while studying computer science at a Canadian university, ranks third on Forbes’ crypto billionaire list.

Binance is one of the largest and most prominent exchanges to feature Bitcoin Cash (tagged as BCC in their ticker, not to be confused with the fraudulent Bitconnect) as a major cryptocurrency. Binance’s server update will affect Bitcoin Cash users and traders, and those with funds held at the exchange are advised to stay vigilant for developments regarding the exchange’s site upgrade.

[UPDATE] Binance CEO Changpeng Zhao has announced on Twitter that their platform’s servers have been fixed and upgraded. Trading is now open and no funds were stolen or lost. The announcement also acknowledged that there was a DDoS attack on their cloud provider. The CEO promised to provide a more detailed summary of what happened as soon as possible while the company prioritizes answering customer concerns.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.


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