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Major cryptocurrency exchange breaks down, Bitcoin rallies

The Binance system is expected to be back online in the coming hours

bitcoin
The Bitcoin price was up US$1,000 on Thursday

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.

 

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.

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