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Author Topic: Binance suspened the trading and withdrawls.  (Read 174 times)
Zackgeno96
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February 08, 2018, 12:50:16 PM
Last edit: February 09, 2018, 09:49:59 AM by Zackgeno96
 #1

There has been chaos among the users of Binance exchange as the trading and withdrawals are suspended by the exchange. They stated that "due to increasing number of users and trading volume, their system needs to upgrade", they also denied of being hacked. If they have already planned this maintenance work, then why they did not informed the users in advance ? 10-12 hours outage is too much and prior notification was required. Binance is one of largest exchange and such poor service is not expected from them. They also need to upgrade their technical team to avoid such incidents in future.

http://bitcoinist.com/crypto-exchange-binance-goes-dark-12-hour-outage-maintenance-system-upgrades/

I have few alt-coins on binance, i hope everything is fine and nothing has been lost.

Edit : Subject updated.
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February 08, 2018, 01:15:12 PM
 #2

There has been chaos among the users of Binance exchange as the trading and withdrawals are suspended by the exchange. They stated that "due to increasing number of users and trading volume, their system needs to upgrade", they also denied of being hacked. If they have already planned this maintenance work, then why they did not informed the users in advance ? 10-12 hours outage is too much and prior notification was required. Binance is one of largest exchange and such poor service is not expected from them. They also need to upgrade their technical team to avoid such incidents in future.

http://bitcoinist.com/crypto-exchange-binance-goes-dark-12-hour-outage-maintenance-system-upgrades/

I have few alt-coins on binance, i hope everything is fine and nothing has been lost.

12 hours update is far and that could be alerting for us people who have balance on that site but I will still think postive on it since binance team is active on telegram and frequently answering on peoples question regarding on their system maintenance. I really hope that they will come back soon and can able to trade again since binance is one of my priority site to trade on since I like their interface and their withdrawal/deposit accuracy.


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voluspa
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February 08, 2018, 02:07:15 PM
 #3

I don't see any suspicious activity on their ETH balance. Link here: https://etherscan.io/address/0x3f5ce5fbfe3e9af3971dd833d26ba9b5c936f0be Anyone got a link to their BTC hotwallet?
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February 08, 2018, 08:02:43 PM
 #4

I don't think so. Binance is the best exchange all over the world and it's not easy to be hacked Smiley. Also John McAfee tweeted that Binance downed because of hacking but I think he got paid to tweet like that to reduce faith of traders all over the world with this exchange. We just need to wait few more hours to see if Binance will really work again at 4 AM (UTC) or not.

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February 08, 2018, 08:06:57 PM
 #5

Time will tell. I hope not as I have 7% of my currency in there.
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February 08, 2018, 11:09:45 PM
 #6

I don't think so. Binance is the best exchange all over the world and it's not easy to be hacked Smiley. Also John McAfee tweeted that Binance downed because of hacking but I think he got paid to tweet like that to reduce faith of traders all over the world with this exchange. We just need to wait few more hours to see if Binance will really work again at 4 AM (UTC) or not.

John Mcafee is the lord of fake news on crypto he spread fuds so that he can earn with it and I don't think binance is been hack since their support are most likely alive maybe they are just doing some huge system update that's why we can see them up down for long hours but anytime soon they will surely came back again since they are earning good with this business and they will surely not turn down their traders easily.

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February 09, 2018, 03:07:06 AM
 #7

I think people are mispropgating that binance exchange is hacked and I don't find anything about it. Already in next two hours they will resume the trading according to their previous update. So we have to wait patiently and already our balances are showing properly in the exchange.
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February 09, 2018, 04:01:22 AM
 #8

I don't see any suspicious activity on their ETH balance. Link here: https://etherscan.io/address/0x3f5ce5fbfe3e9af3971dd833d26ba9b5c936f0be Anyone got a link to their BTC hotwallet?
Their maintenance if for real so if there's nothing that has been done to their ETH wallet then they are for real. I believe that they are honest with their words and seriously giving a good upgrade since after a year they have gained that much users so this is just a basic and normal step of giving another convenient service.
This article might give others some delight: https://thenextweb.com/hardfork/2018/02/08/binance-calm-down-we-havent-been-hacked/

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February 09, 2018, 05:14:01 AM
 #9

I don't think binance has been attacked by hackers so far, i have a few altcoins in my account since 4-5 months, after reading this post i immediately checked my balance and it is there in safe mode. Seems like John Mcafee was hired by some hatred parties to make down the binance by spreading false news
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February 09, 2018, 07:09:06 AM
 #10

Chances of hacking are less, but I wouldn't be surprised if Binance has been hacked. Big exchanges like it are always the target of hackers, and you do fail at one or the other time. They are citing the reason of system upgrades, and I hope that's the only reason. But even in case it has been hacked, I would still use it. Having an impenetrable exchange is just not possible, even if top security experts watch over it.
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February 09, 2018, 07:09:51 AM
 #11

maintenance break and they have documented situation pretty well :

https://twitter.com/binance_2017

 
@binance_2017
 15m15 minutes ago
More
All of our engines are back online and we are processing data validation for pre-trading at the moment.
We hope to have an updated, accurate ETA to provide shortly. Thank you again for your patience; we are in the final stages of preparing the exchange for normal operations.


CZ @cz_binance
 21m21 minutes ago
More
All engines are back online.  Doing a final data validation for pre-trading now.  Will update ETA shortly.

binance

Verified account
 
@binance_2017
 2h2 hours ago
More
Data recovery was successful and we are in the process of prepping the system for return of services.
We do not have an exact ETA to provide for this process but we expect at least another 1-2 hours. We appreciate your patience and we hope to be operating normally again shortly.


kind of sad this FUD about exit/hacking people try to spread  Roll Eyes
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February 09, 2018, 08:38:12 AM
 #12

They seem to giving updates every couple of hours, so I don't think they are lying or hiding about the data sync issue or whatever. Anyways as per their latest update they have successfully completed data recovery and verifying it. No exact ETA so far, but we should see an update soon.
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February 09, 2018, 08:51:46 AM
Merited by Zackgeno96 (1)
 #13

There has been chaos among the users of Binance exchange as the trading and withdrawals are suspended by the exchange. They stated that "due to increasing number of users and trading volume, their system needs to upgrade", they also denied of being hacked. If they have already planned this maintenance work, then why they did not informed the users in advance ? 10-12 hours outage is too much and prior notification was required. Binance is one of largest exchange and such poor service is not expected from them. They also need to upgrade their technical team to avoid such incidents in future.

http://bitcoinist.com/crypto-exchange-binance-goes-dark-12-hour-outage-maintenance-system-upgrades/

I have few alt-coins on binance, i hope everything is fine and nothing has been lost.

A hack is a real possibility that cannot be discounted here.

I believe that for whatever reason, if any exchange wants to put a halt to trading activities then it should at least have its users notified 1 day before the scheduled maintenance happens. If they don't, not only will it mean that users are grumpy because of inability to access their funds, it also means that unnecessary speculation will come out.

And seeing that Binance usually is quite good at customer support and communication compared to other exchanges, I'm surprised at this. Since they've denied it, the chances are that they're probably not hacked, but as i said, always a possibility in these scenarios and obviously exchanges want to cover it up if it does happen.

 
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Zackgeno96
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February 09, 2018, 08:52:03 AM
Last edit: February 09, 2018, 09:16:02 AM by Zackgeno96
 #14

maintenance break and they have documented situation pretty well :
https://twitter.com/binance_2017

Yes they are communicating, but they could have roll out this maintenance work in a better way. First they said it will take few hours, then said 10 hrs but now its more than 24 hours and still the system is not up.

kind of sad this FUD about exit/hacking people try to spread  Roll Eyes

I am not spreading fear/rumors. What will be your reaction, if you woke up in the morning and came to know that your funds are no longer in your wallet. I have 1500 USD worth coins at binance and i was worried when the wallet was empty.


Chances of hacking are less

Yes, i am aware of that.

but I wouldn't be surprised if Binance has been hacked. Big exchanges like it are always the target of hackers

Exactly and you have to worry if you have funds there.

They seem to giving updates every couple of hours, so I don't think they are lying or hiding about the data sync issue or whatever. Anyways as per their latest update they have successfully completed data recovery and verifying it. No exact ETA so far, but we should see an update soon.

That's a good news but still i am not able to see my coins. I hope their upgradation is successful and all the funds are back as before.

A hack is a real possibility that cannot be discounted here.

I believe that for whatever reason, if any exchange wants to put a halt to trading activities then it should at least have its users notified 1 day before the scheduled maintenance happens. If they don't, not only will it mean that users are grumpy because of inability to access their funds, it also means that unnecessary speculation will come out.

And seeing that Binance usually is quite good at customer support and communication compared to other exchanges, I'm surprised at this. Since they've denied it, the chances are that they're probably not hacked, but as i said, always a possibility in these scenarios and obviously exchanges want to cover it up if it does happen.

I also feel that they handled this maintenance work in a poorly manner, it could have been well planned and more organized. Binance is not a small exchange, many people has suffered inconvenience due to this incident. I hope they will learn form it and such situations will not be repeated in the future.
  
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February 09, 2018, 09:14:20 AM
 #15

I don't think binance has been attacked by hackers so far, i have a few altcoins in my account since 4-5 months, after reading this post i immediately checked my balance and it is there in safe mode. Seems like John Mcafee was hired by some hatred parties to make down the binance by spreading false news

Seems to be more FUD about being hacked etc. Yes it is taking a bit longer than what was expected and the deadline given before may feel the people their is some issue. But I think all is fine and with the constant updates they are keeping everybody in loop about the updates happening every now and then.

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February 09, 2018, 09:25:13 AM
Merited by Zackgeno96 (1)
 #16

It's definitely not being handled well.

Pretty much the right to access user funds have been taken away from this unnotified gap in trading.

I doubt that the intentions of the OP was to spread FUD or whatever but rather is just to initiate some positive and productive commentary about the situation that is developing as we speak. This is no small deal. Binance was one of the biggest exchanges and has established a lot of people's trust. That is being risked right now.

Also, at least one exchange is affected by this. Coinspot which is one of the biggest exchanges in Australia is currently disabling markets as a result of Binance's maintenance. So it's not just affecting binance users alone.

 
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February 09, 2018, 09:29:38 AM
 #17

They seem to giving updates every couple of hours, so I don't think they are lying or hiding about the data sync issue or whatever. Anyways as per their latest update they have successfully completed data recovery and verifying it. No exact ETA so far, but we should see an update soon.

That's a good news but still i am not able to see my coins. I hope their upgradation is successful and all the funds are back as before.
Huh I can very well see my funds the but the withdrawal is suspended so can't do anything with it. Try from the website you might be able to see your balance there.
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February 09, 2018, 09:32:25 AM
 #18

Already they are updating every about the situation of the exchange and their upgraded status. I don't why people are misleading the exchange has been hacked with different types FUD. Just now they have given announcement there will 70% discount on trading up to 24 of this month.
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February 09, 2018, 09:35:15 AM
 #19

No need to cause panic, if they have quashed the exchange being hacked then we should worry.

Lets also not forget that Binance has been getting an overwhelming traffic to its  exchange so probably this has to be fixed and they deserve some breathing space they are new to this business, they certainly will get everything under control soon.

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February 09, 2018, 10:07:20 AM
 #20

Few weeks back in an interview to Bloomberg they had mentioned about improving customer service, this incident will definitely make them work hard towards it. We as an investor also learnt a lesson to keep our coins safe, daily trader must be most affected due to this. I am sure there will be few who already lost trust which is very important in this business.
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