Binance is one of the biggest cryptocurrency exchanges in the world. It just came under fire and doubts whether the Hong Kong-based exchange is being hacked. Binance is currently under halt in trading activities and said it won’t resume trading or enable customer withdrawals until Friday due to a continued blackout that is essentially the result from a prolonged system upgrade.
Many are now fearing that Binance is being hacked. The exchange denied such accusations in a Twitter post. According to the most recent statement from Binance, the exchange is expected to resume trading at 4 a.m. UTC on Friday. The exchange wrote:
“We will allow a 30-minute window where users can cancel open orders prior to trading being opened. We will continue to update every two hours until the upgrade is complete.”
The trading halt began on Wednesday, stating that the reason is a system maintenance issue and that there might be a “temporary decrease in exchange performance”.
However, just a little later the same day, the chief executive of Binance, Changpeng Zhao, stated that a server issue caused data to fall out of sync, stating that the development team would have to re-sync from a master database. Binance later informed users that this outage may take some time, sparking doubts of a hacking activity being present. The exchange also tweeted that there is no data lost, and the CEO went on answering questions under his Twitter posts about the outage not being a hack attack.