Binance-US goes down In our breaking news today, in an undisclosed incident that happened minutes ago but according to the CEO of the platform, we are not looking at a hack attack.
The exchange is expected to be down a few hours as per the binance US news, as the exchange stopped all trading and orders after the incident happened. CEO Catherine Coley tweeted that the users’ funds are safe adding that the incident was not hacked. Crypto exchange Binance-US stopped all trading and orders after an undisclosed disruption in the system but assured that the users’ funds are safe. The exchange expects to be down in the next six hours:
We will be updating all of you while we get more information on this situation as our team works diligently to restore service to all of our users. Your funds are safe. https://t.co/tteBlQOP2d
— Catherine Coley (@cryptocoley) August 7, 2020
“At 11:26am EST, we noticed our systems not functioning as intended. To protect our users, we will be stopping trading, order processing, buy crypto, deposits, and withdrawals. We will let users cancel their orders 30min before we reopen trading. We expect this will take 6 hours.”
Binance-US followed up with another tweet saying that the “Funds are SAFU” and CEO Catherine Coley added:
“We will be updating all of you while we get more information on this situation as our team works diligently to restore service to all of our users. Your funds are safe.”
In a response to a question of whether it was a hack, Coley said that it wasn’t a hack but they are working on resolving the issue immediately and taking precautions in advance to protect the users. it’s not clear yet what happened that caused a disruption in the system but it has a lot of the users worried across social media.
In other binance news, A binance trust wallet has officially reached a five million user milestone as it started going into the DeFi sector. In addition to the new milestone, the Binance Trust Wallet claims to have rapidly acquired about 10% of the user base which is now accessing a new range of DeFi platforms and DApps planning to aggressively expand into the DeFi sector as the investors are looking for liquidity farming and earning opportunities. In a move to keep pace with the ever-expanding ecosystem, the Binance Trust Wallet integrated the token swap platforms such as Kyber and the BinanceDEX.
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