Binance’s CEO Debunks Hacking Speculations

News / 19.02.2020

People were speculating that Binance was hacked but the company’s CEO, Changpeng Zhao has debunked, assuring the community that funds on the trading platform are safe.

Zhao noted that the error was due to the data transmission issues experienced by one of their partners. He continued that nothing is wrong with its matching engine and there has been no form of corruption. Trading has been paused on the exchange’s platform, says the CEO.

Binance praised as the biggest crypto trading platform by trading volumes was hacked last year, involving the stealing of BTC valued at $41 million.

There was an unscheduled maintenance before Binance’s admission. Based on previous announcements, such unplanned maintenance patches are aimed at arresting high level errors. Nonetheless, Binance always announces an unscheduled maintenance for damage control before anything.

There are consequences for such errors if not addressed immediately. Binance released a statement that read:

“Binance is undergoing temporary system maintenance. Binance has suspended deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets. Please note that trading on Binance Futures will continue unaffected during the maintenance period.”

Featured image courtesy of Shutterstock. Source: Cryptopress.

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.