Hong Kong based cryptocurrency exchange Binance added to digital currency woes, with an outage sparking panic that there’d been a hack.
Binance denied it had been hacked, but, said that users were unable to trade or withdraw funds because of a system upgrade that had to be extended due to a “significant increase”.
Zhao Changpeng, Binance chief executive, gave a more specific diagnose via Twitter.
We experienced a server issue on our replica database cluster, causing some data to be out of sync. Need to fully resync from master. Due the size of the data, it will take several hours. No data is lost. We appreciate your understanding and support.— CZ (@cz_binance) February 8, 2018
Update: Data sync is slowing down compared to before. Still got a few billion records to sync. Unfortunately, data sync is far slower than our in-memory matching engine speed. We will update a new estimated time shortly. Painful day! Also need to hire more dev ops.— CZ (@cz_binance) February 8, 2018
The system is expected to be back online in the coming hours.
Binance is said to be one of the world’s largest cryptocurrency exchanges, so a 12-hour shutdown being triggered by an unannounced software upgrade probably won’t help the growing cynicism over digital currency systems and regulation.
The Binance halt coincided with a rally in the Bitcoin price, which gained more than US$1,000 or 13.6% to trade at US$8,612.