Business & Finance

Binance Pulled Itself Out of a Major Infrastructural Crisis, Explains CZ Binance

Binance, a cryptocurrency exchange, tackled an infrastructure crisis, termed as a mere network or a server error recovering wholly from the setback that could potentially have an immense toll over the daily operations of the exchange. The chief executive officer of Binance, Changpeng Zhao or CZ Binance, took matters into his hands announcing the unfortunate incident to the users urging them to sit tight as the issue has been dealt with in time and has not affected the network adversely in any way. He tweeted:

We are having a network/server issue that affects withdrawals, our team is working to resolve it ASAP. Not a hack, just infrastructure (network/server) issue.

Binance has previously been under a crisis where false accounts displaying as official Binance ones ask the users to deposit a certain amount to a specific account in order to retrieve gifts. Binance put this trend down negating that Binance would never ask its users for money as it is the most nasty and lowly thing to do, and obviously out of the protocols Binance has set for itself. Binance entirely put an end to the gift frenzy, even though the reason may seem legit. Bear that good in mind that Binance is not at liberty to ask its users for money. This was a major scam which could have dragged the Binance clientele out of their reaches leading them astray. The company said in a tweet:

Binance will never ask you to send coins directly to any address for any reason.

The recent issue was focused over the withdrawals as the users were urged to keep away from transactions as long as the problem gets fixed by the highly professional team of Binance developers. The issue was not termed as a hack but a mere infrastructure or network problem. The funds were safe during the discontinuity as CZ Binance told the people not to panic. The main reason the issue got highlighted was the previous scam news that haunts Binance turning the users a bit cautious towards using the platform. As CZ Binance tweeted himself:

Funds are #SAFU, just a network problem. Should be fixed shortly. No need to panic.

The Binance team got the issue fixed in time keeping the intervention period to a minimum as they turned the transactions for withdrawals on. The users resumed their normal activity and the potentially major threat of losing funds and data was averted as per the sharp minds of the professionals. CZ Binance put the final nail in the infrastructure issue’s coffin disclosing the withdrawals being resumed. He stated in a tweet:

Issue fixed now. Withdrawals resumed. Apologies for the interruption of service. Thank you for your understanding and support!

Paul Jankunas, the VP of Engineering at BijieTech, who works to ease up the underlying C++ structure for the platform told BlockPublisher,

The crisis was just a technicality disorder which has been dealt with for the time being. As we upgrade and learn newer things, we will surely come up with better versions of it.

Show More

Mohammad Shazil

A Riverside, CA born Electrical Engineer who bears the passion to write over every happening around. A crypto zealot. Shazil is the sub-editor of BlockPublisher news. Email: shazil@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.