Binance System Update Complete

One of the largest cryptocurrency exchange reported that it's back online
09 February 2018   237

One of the most fast growing cryptocurrency exchange, Binance, reported on complitatio of its system update. 

Binance has completed its system upgrade and we expect all trading activity to resume at 10:00 AM (UTC).

In the 60 minutes prior to the commencement of trading, users will be able to cancel orders, process deposits, withdrawals, and use all other account related functions.

To show our gratitude for your unwavering support throughout the upgrade process, Binance will provide all users with a 70% discount on trading fees (0.03% on all trades, 0.015% with BNB) until 2018/02/24 00:00 AM (UTC).

Binance Team

These news are good for the Binance users, but they report on ongoing issues on the Twitter.

We hope that the Binance team will solve all issues ASAP and their users will be happy.

Binance Still Down, Refutes the Accusations About Hack

Cryptoexchange Binance still down, but disproves alleged hack with wallet addresses
09 February 2018   789

Today we've already reported that one of the largest cryptocurrency exchanges Binance was down for the maintenance and should have been up and running at 2 PM (UTC). The rumors were already abundant about hack, and that the prolonged downtime was just an effort at covering up a security breach.

During all this time Binance support and CEO Changpeng Zhao tried to calm customers with updates practically every two hours. Databases don't sync instantly, and the approximate data volume is staggering, so no wonder that it takes longer then expected. But the panic was still spreading, and even the notorious John McAfee accused Binance and its CEO of trying to cover up some security breach. In his Twitter post he alluded to some “sources” which gave him information about Binance being really hacked. Of course, he said that he wasn't trying to “spread the FUD”, but in turn, Changpeng Zhao called him out on it with reply, that they will prove him wrong.

And oh, they did. Blockchain is an open ledger for a reason, and having the address everyone can check the account balance and transactions. Also, according to Zhao, the released addresses are just a hot wallets with a fraction of real holdings. At the moment of publication, their Bitcoin and Etherium wallets account for $263 million and $153 million respectfully. They even went as far as to transfer 30 000 BTC from one of their cold storage accounts to a hot one just to prove that they have on hand a lot more, than initial 2000 BTC.

All in all, Binance, while suffering heavy technical problems, still manages to keep a good face. And right now support says, that everything should be online and fully functional by 4 AM (UTC) on February 9.