Binance back in bussines after lengthy system upgrade. No FUD anymore!

Binance, one of world’s most popular cryptocoin exchanges, has finalized the system upgrade and informed its customers about the resumption of all trading processes, including deposits and withdrawals, as of Friday at 10:00 a.m. GMT.

The platform announced in a Twitter post that will lower trading fee by 70 percent until February 24 at midnight to express its “gratitude” for users’ understanding and support through the process.

The unexpected suspension emerged on Thursday at 01.00 a.m. GMT and Binance first explained the situation by quoting server issues. The exchange later announced that the upgrade will be longer than initially thought. In the end, the services resumed after a nearly 36-hour disruption and two postponements. The functionalities were sucessfully brought online step by step to the relief of the panicked clients.

Binance crash sent out waves of worries with traders fearing that the exchange may have been hacked, considering similarities with the initial statement from Japan’s exchange Coincheck amid its recent theft of 500 million NEM tokens.

Rumors of a possible hack were first revealed by John McAfee, the creator of the famed McAfee antivirus software, who wrote in a Twitter post: “Binance has suspended trading. The company claims that they are doing a system upgrade and will resume at 2:00 AM GMT Friday. While I have no hard evidence, rumours are flying among top crypto influencers that they may have been hacked. Will keep you informed.”
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Binance official channel rejected the hack rumours by replying: “Binance has not been hacked. Please do not spread false information. If you want to keep updated on the status of our system upgrade you’re welcome to follow”.

McAfee tweeted later: “Not trying to spread FUD, but I have received dozens of reports like this one. I’m just trying to understand. As a security researcher, I know that potential hacks are far more easy to solve if investigated immediately. Days later magnifies the task by orders of manitude.” In response, Changpeng Zhao founder and CEO of Binance, wrote: “But you are spreading FUD. We will prove you wrong.”

In addition to denying the hacking allegations, Changpeng Zhao insisted there was just server issue and assured all coins are safe: “We will maintain communication at difficult times. Those are hot wallets, only a tiny % there. But it should be clear your coins are safe. We wish disks moved faster. We will engineer around them in the future. Your encouraging words is all we work for.”

However, some users may still be confronted with some issues, despite resumption of services. Zhao added in a tweet that: “System will be coming online soon. If you have issues access http://www.binance.com , please try https://us.binance.com/ or https://kr.binance.com/. There was a DDoS attack on our cloud provider, resolved, but still some lingering effects.”