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Binance goes dark for a few hours before ‘claiming’ it back in action

Sthuthie Murthy



Binance goes dark for a few hours before 'claiming' it back in action
Source: Pixabay

Just a few hours ago, Binance was tweeting about listing Groestlcoin [GRS] and then a sudden wave of negativity filled their social media handles. Binance is not a fresher to hackers and its not been long since the previous hack attack.

What looked like trouble to this gigantic exchange platform was the login error faced by a majority of the users across the globe. The entire market was panicking and there was chaos filled everywhere. A couple of hours ago, the Binance telegram group had been inundated with complaints from customers who could not log in to their accounts.

Some users expressed worried suspecting another hack attack on Binance while others stood their grounds supporting Binance saying its trustable and will be safe. This was not limited to one part of the world but users from all parts of the globe like Argentina, Mexico, Brazil, UK, Japan, Oklahoma, etc had faced this issue.

Stefany Blank commented offering a claiming voice on a forum:

“Yep, I can’t log in either on my PC, says my password was changed when I tried to withdraw and I didn’t do anything and have google authentication so I know it is not a hack. I am still logged in on my phone, it is weird.”

Prayuth Basa, a Twitter user says:

“FUCK!! My money, am I loosing everything? Is Binance hacked again? What am I supposed to do I can’t bear such a huge loss? I think this is definitely some hackers play.”

The team responded to the flood of questions and fear instilled comments very quickly busting the hack rumours.

“We are aware of some users experiencing issues logging into their accounts presently. Our team is working on it and will fix it as soon as possible. Please bear with us in the meantime.”

They also warned the customers saying:

“If you try to log in more than 3 times, your account might be locked temporarily for too many failed attempts. Please do not login in panic too many times. Your patience is appreciated so please cooperate and wait till we resolve the issue. Keep in mind if you reset your password, your withdrawals will be locked for 24 hours and there is nothing we can do about it.”

CZ cleared that it was because of a small technical glitch and not another hack attack. The technical bug fault was to be blamed.

The CEO of Binance, Chanpeng Zhao [CZ] supported the above statement by Tweeting on his official handle and ensured the users that the funds are safe and there is no need to worry.

CZ's Tweet

CZ’s Tweet

After the rush, the drama finally ended with CZ tweeting that everything is fixed and Binance is back in action just like before. There were no losses or damages during the entire time period. CZ reaffirmed all the users with a series of tweets just after the bug was fixed.

CZ tweeted saying:

“Issue should be fixed now. Login should be fine now. Those who repeated tried before may experience issues, our help desk will help you sort it out. Thank you for your understanding and support! As a standard security measure, we will turn on withdraws after a full audit. Will be done soon. Thank you for your patience.”

Another tweet by CZ

Another tweet by CZ

He reassured after a while and confirmed that everything including the withdrawals was active:

“Withdrawals are back as well. Apologies for missing the bug. Will update our test cases and coverage. Thank you for your support, seeing such positive comments is very encouraging to our team. We are blessed to have you as our supporters.”

Ilen also tweeted:

“Not all problems are solved yet, my open order does not show, and I can’t use my BTC balance, I get a insufficient balance message (because of the open order that is not shown). the problem started a couple of hours ago.”

Some of the other users expressed their delight with all praises for the CEO and team with regards to their transparency.

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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.


Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out of ‘saucer bottom’ pattern




Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out out of 'saucer bottom' pattern
Source: Unsplash

Binance Coin [BNB] is nothing short of becoming the best performing crypto asset of 2019, as it creates higher highs every day. In a recent surge, BNB went up by approximately 12% in 24-hours breaking out of the ‘saucer bottom’ pattern.

BNB has been on a bull run since December 2018, it has surged by approximately 470% since that point. In the last 24-hours, the price was up by approximately 12% from wick-to-wick.

Source: TradingView

Moreover, the rise in the price over the day can be attributed to the announcement by Binance DEX, that was launched recently. The tweet read:

The new update will convert the BNB, which is an ERC20token, into BEP2, it will be called the “mainnet swap”. Furthermore, users have to convert their ERC20 tokens on Binance, the details of which will be released in the near future.

In addition, Mithril, a cryptocurrency project has announced that it will be the first project to migrate to the Binance Chain. It tweeted:

“$MITH token holders on the new @Binance_DEX will be the first to experience increased speed, security, and user friendliness while maintaining full control over their funds.”

A Twitter user, @carlitosblvd123, commented:

“So , all BNB we have now like erc20 in binance exchange and on trust wallet will be converted to bep2 automatically or we have to do anything to happen?”

@jigneshon, another Twitter user commented:

“Crypto Revolution will happen on 23rd April when Binance Chain Genesis block will be created. 🔥”

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