applancer Advertise

Binance hits hard on the hack rumours, says a normal server upgrade

Feb 10, 2018 Posted /  2613 Views

Binance hits hard on the hack rumours, says a normal server upgrade

When Binance announced that it will remain offline for some hours for a server upgradation, there were talks in the market if the exchange had been hacked. However, one of the largest cryptocurrency exchange has now come forth and vehemently announced on the social media that central server had not been hacked. Binance was shut down on 7th February where the company released an official statement before the closure.

Anxiety high in crypto-lovers

For the entire period when the exchange remained offline, there was usurping in the crypto-enthusiasts who were very anxious as to what has exactly happened. Recently there was much news coming from all around the world which maintains that crypto-related thefts and hacks are on rise. Cryptocurrency exchange hacks are becoming way too common occurrence lately, which is why Binance downtime was also considered part of the series. When Binance announced the shutdown, it was considered for few hours but was dragged for almost two days afterwards.

One positive in the whole event was the way the company communicated about the whole occurrence. Company's CEO Changpeng Zhao did an excellent job and revealed the official time for the coming back of the exchange. He tweeted on his official account that Binance will be back up at 4 am UTC 2018/02/09.

McAfee may need to be surer in Future

John McAfee, computer programmer and leading businessman, who lately dived into the world of cryptocurrency has always been central to many events happening in the world. It was same with this one too when Mcafee tweeted and created a confusion saying that he heard from his sources that the exchange has been compromised.  

At the very moment, Zhao strenuously hit back at McAfee and discerned his aspersions on twitter saying “we will prove you wrong”, and also linked the public addresses of both their ethereum and bitcoin wallets. The readings have shown positive signs and the balances are the same with $263ln and $151mln worth of coins respectively for both the currencies.

Binance subsequent to listing out BTC and ETH addresses thanked the blockchain and tweeted a note that

“Blockchain thankfully provides a public ledger that can disprove any FUD.”

The security issues

While most of the time investors do not keep money in exchanges but in cold storage for instance in wallets, external vaults and hardware. Nonetheless, tokens could only be exchanged in exchanges which means that trading is possible on exchange platforms only, which is why it has been demanded time and again that exchanges should have sturdy security features somewhat like banks so that there are no chances of thefts.

It is expected that as announced by the CEO, Binance will be back by today and it will be noteworthy to see if the exchange has been compromised or not and if any great amounts of tokens have been again robbed from one more exchange?If this happens then this will bring about enormous mistrust for the virtual currency.

Nevertheless, every crypto-lover is praying that this remains a simple downtime to upgrade the server because even a foiled attack could injure the reputation of the entire market now.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

For more details on how you can submit an opinion or any news , view our Editorial Policy or email [email protected].

Tags: cryptocurrency exchange Binance

Hottest Blockchain Newsletter

For updates and exclusive offers, enter your e-mail below.