A server update that brought Binance down for over a day has been completed and the cryptocurrency exchange has since resumed trading.
Binance announced the news in a statement on their website. Published an hour before the relaunch, the exchange said it had completed its system upgrade and that all trade would recommence at 10:00 am UTC. Users had been able to deposit and withdraw funds an hour before trading began.
The Hong Kong-based exchange also said it would lower trading fees by 70% until the 24th of February as a “show of gratitude” for users’ support during the period.
Binance had first notified users on Wednesday that servers would have to be suspended up until 2:00 am on Thursday. At just after 1:00 pm on Thursday afternoon, less than an hour before servers were set to go back online, the exchange said the suspension had had to be extended until 04:00 am on Friday morning. It took Binance a further six hours after the second deadline to finish the update and take trading online.
Users have still said they have experienced issue with the exchange since it reopened this morning. Binance CEO Zhao Chengpeng tweeted to say that traders may still experience issues as the website’s cloud provider was under DDOS attack.
If you have issues access https://t.co/EtPD2bFzOK , please try https://t.co/pUlb5rOdnH or https://t.co/nZWSnxoCNd . There was a DDoS attack on our cloud provider, resolved, but still some lingering effects.
— CZ (@cz_binance) February 9, 2018
The sudden announcement of a server update and the repeated delays had led to speculation that the exchange had been hacked, similar to the successful cyber heist on the Japanese exchange platform, CoinCheck in late January. Executives for CoinCheck promised full refunds to users after hackers managed to steal $500m worth of NEM tokens.
Zhao quickly refuted rumours of a hack asserting the necessity of a server suspension for the platform to successfully complete a system upgrade and citing coding errors for the delays.
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