Feb 8, 2018 by Jake

One of the biggest cryptocurrency exchanges in the world, Binance, denied all rumors about a possible hacking after a system upgrade. According to Financial Times, the platform registered an extensive halt of trading and customer withdrawals of funds, which automatically raised some question marks.

The first time a potential system issue at the exchange was announced on Thursday, around 2:20am GMT, through an official announcement telling traders that “due to a significant increase in users and trading activity, Binance will need to extend the system upgrade.”

More time is needed

Initially, everything was expected to be over around 2pm GMT, but withdrawals and trading during this entire time would remain suspended, the exchange added. Eventually, around 1:07pm GMT, Binance pushed back the trading resumption time, for 4am GMT on Friday.

CEO Zhao Changpeng took to Twitter and announce everybody that there’s no reason to worry, as things are under control. He mentioned that the trading platform had to deal with a “server issue on our replica database cluster, causing some data to be out of sync,” which required a rapid exchange to “fully resync from master.”

In order to calm down several amounts of users who were worried about the safety of their data, Changpeng added that “no data is lost.”

People were scared, after the unfortunate Coincheck event

Obviously, a lot of people, as well as the media, were concerned about Binance getting hacked, but they were recommended to relax, as the outage is caused by the large amounts of data the platform was working with.

On the other side, everybody fearing a potential hack had all the reasons to believe this.

Recently, Japanese exchange Coincheck had to deal with a $500 million hack and ended up with paying all the users who lost their investments.

Binance has a very fast growing rhythm. Back in January, Zhao Chanpeng revealed to Bloomberg that they were adding “a couple of million” registered users each week.