Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is currently locked due to what appears to be a network issue.
The exchange first announced that it was experiencing “irregularities” with its trades around 03:00 UTC on February 8. Binance then halted all trading on its platform at 03:14 UTC.
At the time of writing, the exchange has not yet provided any further updates on the situation. However, Binance CEO Changpeng Zhao did take to Twitter to assure users that their funds are safe.
NOTE: WARNING: It is important to be aware that Binance may become locked for a variety of reasons. This can range from security concerns to technical issues. If your account is locked, you will not be able to trade or withdraw funds until the issue is resolved. Therefore, it is important to ensure that you keep your account secure and be vigilant in monitoring any suspicious activity.
It is currently unclear what has caused the network issue. However, some users have speculated that it may be due to a Distributed Denial of Service (DDoS) attack.
A DDoS attack is a type of cyber attack in which an attacker attempts to overload a server with requests in order to make it unavailable to legitimate users. Such attacks are often difficult to distinguish from normal traffic and can be very difficult to defend against.
Binance is not the only cryptocurrency exchange to have been hit by a DDoS attack in recent months. In January 2018, popular exchange Coinbase was also hit by a DDoS attack that caused temporary service disruptions.
It is currently unclear when Binance will resume trading. However, given the size and importance of the exchange, it is likely that trading will resume relatively soon.
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