Cryptonews People In Crypto

Crypto Exchange Giant Went Offline

Binance

Exchange

Journalist

Sead Fadilpašić

Journalist

Sead Fadilpašić

About Author

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

Author Profile

Last updated:

June 26, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Earlier today, the cryptocurrency exchange platform Binance went temporarily offline, citing “server issues” and maintenance.

“Due to an unforeseen slowdown in the speed of our data sync, we now estimate for all trading activity to resume at 2018/02/09 4AM (UTC). In the 30 minutes prior to the commencement of trading, users will be able to use utilize all other account related functions,” the company tweeted.

Since the maintenance was not scheduled, many traders were left in the middle of trades, unable to execute orders and withdraw or deposit funds, leaving them frustrated. CZ, Binance CEO, tweeted an explanation of the problem: “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,” confirming that no hack had happened.

This explanation was followed by an update, stating that they will need even more time: “Unfortunately, data sync is far slower than our in-memory matching engine speed. We will update a new estimated time shortly. Painful day! Also need to hire more [developers].”

Their troubles don’t end there: several Twitter accounts surfaced, claiming to be giving away ETH if users send them 0.2 ETH first, as a means of compensation. CZ had to warn against them as well.

Prior to this temporary technical issue, Binance was the largest exchange in the world, but was now overtaken by OKEx by daily trading volume, which is over USD 3.5 billion in the last 24 hours, according to Coinmarketcap.com data.