update 27 October 2021

Binance CEO Reassures Consumers Their Funds Are Safe Amid Hacking Rumors

Following the speculation making rounds stating Binance was hacked, the company’s CEO, Changpeng Zhao, disputed the claims while assuring the community that funds on the trading platform are safe.

Zhao clarified the issue by showing the error originated from the data transmission issues experienced by one of their partners. He said nothing has interfered with its matching engine and the system is still genuinely corruption-free. Trading has been paused on the exchange’s platform, says the CEO.

Binance, named as one of the biggest crypto trading platforms by trading volumes, had its firewall breached last year. The incident saw $41million worth of BTC get stolen

Binance admitted to not announcing unscheduled maintenance that was ongoing when the problem arose. Based on previous announcements, such unplanned maintenance patches are aimed at arresting high-level errors. Nonetheless, Binance always announces unscheduled maintenance for damage control before anything.

price change

There are consequences for such errors if not addressed immediately. Binance released a statement that explained the temporary maintenance process that was underway. The exchange went on to suspend all processes except its futures trading during the temporary maintenance.