In Brief:
- Leading crypto exchange platform Binance resumed its withdrawals service after two hours halt
- The reason behind the suspension of service was a “large backlog” of data
- CEO Changepeg Zhao has assured users that their funds were safe.
On Monday, One of the leading cryptocurrency exchanges Binance announced a halt on all transaction withdrawals on its platform, which lasted for just two hours. The reason behind this suspension was a “large backlog” of data. Before service was restored, the CEO Changepeg Zhao had assured users that their funds were safe.
After the announcement of the initial stoppage on withdrawal, Binance updated users that the withdrawal service had been continued. But 20 minutes after this announcement, Binance had announced another 30 minutes pause due to the final backlog clearance process.
“There will be a temporary delay in withdrawal processing as the backlog is cleared. We expect this to last about 30 minutes,” Binance said in a tweet following the initial resumption.
The firm also expressed regret for the inconvenience to its global user and shared that all updates will be informed through the thread.
At present, many crypto platforms are suffering from cyberattacks and ransomware attacks. Recently, the open-source website of Bitcoin, Bitcoin.org has been hacked by the hacker and they have posted a giveaway scam over the platform.
While Binance had announced a halt on withdrawal service, users panicked as they were assuming a cyberattack on the platform. But later, Binance CEO assured everyone through his tweet.
