CryptocurrencyCryptocurrency exchange Binance.US has halted all trading and orders following an undisclosed disruption in its system, but has assured users that all funds are safe.
The exchange expects to be down for the next six hours.
“At 11:26am EST, we noticed our systems not functioning as intended. To protect our users, we will be stopping trading, order processing, buy crypto, deposits, and withdrawals. We will let users cancel their orders 30min before we reopen trading. We expect this will take 6 hours,” reads the first tweet that went out.
Binance.US followed that up with a tweet stating that “Funds are #SAFU,” and CEO Catherine Coley added, “We will be updating all of you while we get more information on this situation as our team works diligently to restore service to all of our users. Your funds are safe.”
We will be updating all of you while we get more information on this situation as our team works diligently to restore service to all of our users. Your funds are safe. https://t.co/tteBlQOP2d
In response to a question of whether it was a hack, Coley tweeted, “Not hacked. We are working on resolving it ASAP and taking precautions in advance to protect our users.”
While the impact of March’s coronavirus-induced market crash was felt in industries around the globe, the cryptocurrency sector has rebounded with remarkable speed.
Bitcoin has quickly recovered from its own crash, with its price briefly touching $10,000 in advance of its block reward halving. Exchanges are reporting significantly increased volumes, while social media activity around Bitcoin is reaching levels not seen since 2018.
“I won't say that that's a triumph of cryptocurrency that when t...
It’s not yet clear what happened to cause the disruption in the system, aside from Coley stating that it was not a hack, although it understandably has a lot of users concerned across social media right now.
Just after 2 pm Eastern Time, Binance.US again tried to calm its users by stating this incident "was not a hack." It further clarified that its team "noticed an error that was not allowing users to see their orders and we did not want users trading blindly." The exchange claimed that correcting this required suspending trading activity.
For additional clarity, this was not a hack. We noticed an error that was not allowing users to see their orders and we did not want users trading blindly. Fixing this requires suspending platform activities. We will provide additional updates as they become available.
A representative for Binance.US declined Decrypt's request for additional comment, though said the company planned to provide further updates via Twitter.
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