Over recent weeks, Binance has emerged as the biggest and best cryptocurrency exchange on the Internet, offering more coins and a better user interface than many other exchanges. Its growth has even caused Binance CEO and coder CZ (born Changpeng Zhao) to top Forbes’ list of cryptocurrency’s richest people.
Binance unexpectedly encountered server issues Wednesday with their replica database cluster, according to CZ’s official Twitter account. CZ cited a need to “resync from master”, which would take “several hours”, but was quick to point out that no data was lost, to avoid panic from users urgently trying to access their accounts.
Several hours, turned into over 24 hours, with Binance offering an update that they were expecting trading to resume at 4am UTC on Friday.
Making matters worse, many influencers in the cryptocurrency community - including the ever vocal John McAfee - are reporting that the issue Binance is experiencing may be due to a hack. McAfee even posted the following image, claiming he had received “dozens of reports” like the one below.
The Hong Kong-based cryptocurrency exchange is adamant there has been no hack, and responded to John McAfee claiming he is only “spreading FUD.”
In recent weeks, Japan-based cryptocurrency exchange Coincheck was hacked and $530 million in XEM was stolen. Reuters is reporting North Korean hackers may have been responsible for the hack. This hack has left many speculators on edge, fearing the worst in the midst of issues Binance is facing currently.
At the time of this writing the most recent update from Binance is that they were “still on track for trading to recommence at 4am UTC 2018/02/09.”
Binance is said to do over $500 million a day in cryptocurrency trades. A hack of an exchange of Binance’s size and reputation could be detrimental to an already shaky cryptocurrency market.