Binance suffered damaging lag that targeted the trade settlement and balance syncing to what the CEO noted that the issue is being fixed. In today’s altcoin news we read more on what exactly happened with the exchange.
The users of the platform had difficulties this morning with trade settlement and many of them stuck in trades that they couldn’t cancel so eventually their lost money. The reports show that CEO Changpeng Zhao confirmed the issues himself on Twitter. Some of the users claim that they were unable to cancel a BNB trade and this is what most of them stated when they saw that the balances were not updated. This means that trades could not be made further.
The company explained that the API users or the bots and trading software are not affected by the bug. Regular users who enter the platform manually were affected for a few hours. The incident just confirmed the fickle nature of the crypto markets where a small software bug can cost people thousands of dollars.
On one hand, traders should not place their orders that they are now willing to execute. On the other hand, the software should work perfectly as intended and there should not be a cancel button that the users can click if he/she is not expected to utilize it.
A few hours after the problems were visible, CZ posted on Twitter again to say that the things are clearing out and the platform should work smoothly in a bit. However, when Binance suffered damaging lag, some of the transactions are still backlogged.
The funds that were lost today as reported in the latest cryptocurrency news are only a small fraction of the funds that Binance lost a couple of weeks ago. The security breach left binance with about 7,000 bitcoins less for which the platform was forced to top up the bill. Changpeng Zhao caused a stir after the breach when he considered a reorganization of the bitcoin blockchain in order to stop the thieves from stealing the bitcoin funds. Eventually, he apologized for what he said and noted that the exchange should instead use a cartel of bitcoin services to ‘’freeze’’ the funds.
No matter what, Binance is still among the top crypto exchanges and its long-term dominance on the market is visible despite the recent hiccups.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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