Binance, one of the world’s largest cryptocurrency exchanges by trading volume, went down for about two hours on Wednesday amid a massive sell-off in digital currencies.
The outage began at around 7:30 a.m. ET, and the website showed only an error message that said “system maintenance.” Trading on the platform resumed at around 9:30 a.
m. ET.
The outage came as bitcoin and other cryptocurrencies tumbled following news that South Korean exchange Coinrail was hacked, with $37.2 million worth of altcoins stolen.
Bitcoin fell as much as 10 percent to $6,752 on Wednesday, while ethereum dropped 12 percent to $526.
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Binance CEO Zhao Changpeng tweeted that the exchange was “under maintenance” and that all funds were safe. He later said in an interview with Bloomberg TV that the outage was caused by a “server issue.”
“In terms of whether it’s related to today’s market sell-off, I would say it’s not really related because we were down for a couple of hours before the market sell-off happened,” he said. “So it doesn’t really make sense.
Maybe just people are afraid and they want to sell more when they see Binance is down. I don’t know why that is happening but it did happen before during our temporary downtime last year as well so it might be just psychological.”.
The episode highlights the fragility of cryptocurrency exchanges, which have been plagued by hacks and outages in recent years. In January 2018, Japanese exchange Coincheck was hacked for $533 million worth of NEM tokens, while South Korean exchange Youbit shut down completely after being hacked twice in 2017.
It also underscores the need for stronger regulation in the industry, something that Zhao has spoken out against in the past. In September 2017, he said that “too much regulation” would stifle innovation in the space.
So did Binance crash us? The answer is no, however their maintenance issues definitely spooked some investors which led to a sell off in crypto currencies.
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