Cryptocurrency exchange Binance suspends all activity for Maintenance

 

CEO Changpeng Zhao, who goes by CZ, informed his followers on Twitter that a malfunction had affected the cryptocurrency exchange‘s replica database server, forcing a full resync from the master. His tweet came shortly after a planned system upgrade announcement, which has since been taken down in the wake of the unforeseen maintenance. Before trading was shut down, users were given a 30-minute window to withdraw orders.

In subsequent tweets addressing the issue, CZ maintained that no data was lost and that regular updates could be expected. The team initially anticipated a 10-hour sync time delay.

As time passed, however, the situation became more complicated, forcing the moratorium to be extended. The current estimate for resumption is 8 p.m. PST, Friday, February 9. To some traders, that’s a lifetime.

At the onset of the trading freeze, rumors of hacking spread across the internet but were vehemently refuted by the company.

Binance users found themselves inadvertently holding during a trading suspension that began on the evening of February 7, 2018.

Binance has seen a surge in growth over the last year and syncing billions of records amounts to no small task. The CEO has said that all other accountfunctionality will be restored 30 minutes before trading is scheduled to resume.

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