One of the largest cryptocurrency exchanges, Binance, has twice in the last two days ceased trading operations, but today announced its “System Upgrade Complete” with trading recommencing at 2.45pm (UTC).

According to reports, Binance was conducting a planned system upgrade and its developers had expected downtime for trades and withdrawals across a four-hour period. This was extended when an automated system warned of a vulnerability and followed by a second period of downtime.

The busy exchange has not revealed details of the vulnerability or issue identified by its systems. Only announcing today that it had completed its system upgrade and would be resuming all trading activity and simply ending the post on its blog with “Thanks for your support!” Some social media users also reported discrepancies when using the platform.

Binance worried its users in February with a period of outage where some questioned if the exchange had been hacked. It refuted the hacks and indicated a system upgrade. Other users were supportive at the time with one tweeting:

“Technical difficulties/failures happen, especially to the biggest and most reputable exchange out there. It’s life, and we all willingly signed up for this.”

At the time Changpeng Zhao, Binance CEO, said: “We still have lots of room to improve. We are hiring.”

Bitfinex also had downtime this month to combat attempts to hack its systems, providing status updates which reported a DDoS attack that “caused extreme load on the servers.” The exchange was hacked, losing $72 million dollars’ worth of Bitcoin, in August 2016.

South Korea-based exchanges Coinrail and Bithumb were both hacked in June 2018, losing $40 million, and $31.5 million respectively.

Cybersecurity company Carbon Black has reported that a total of over $1.1 billion dollars’ worth of cryptocurrencies have been stolen already in the first half of 2018 through malware and hacking attacks.

There is no indication as yet that Binance has had any trouble other than a system upgrade, and its traders and investors will certainly prefer some downtime in order to improve systems and protect against hacks, to hacks themselves.

The post Binance Resumes Operations After Warning appeared first on UNHASHED.

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