Binance has had a shaky week due to a prolonged freeze of trading. This has caused a lot of anger by users and many fear of a possible hack. The Hong Kong based exchange has grown into one of the most successful exchanges in the world with over $500 million being traded a day.
The initial outage was reported first on Wednesday due to a regular update. Two hours later, they announced that there were issues with the server that would require a complete resync. From there other issues have come up further delaying the reopening of the exchange. As of 11pm EST on Friday the exchange was back open and fully functional.
Despite the repeated confirmations by Binance, many still believe that it was hacked. The extended closure seemed suspicious and many didn’t believe it would take nearly 3 days for a system update. Several notable crypto figureheads such as John McAfee have backed these claims, saying they have heard reports of a hack. For reasons such as the unannounced update taking place, many remain suspicious.
If Binance was truly hacked, it would be just one of many as the number of hacks continues to grow. This would be significant though, with Binance being one of the largest exchanges in the world. With a global user base it would have the possibility to really stir the trust people have.
At this time, Binance storages for Bitcoin and Ethereum are sitting at healthy levels showing no sign of a hack. It is likely more evidence would be shown if this truly was a hack such as coins being moved to external wallets. On top of that, it is easier to track hackers immediately after a hack and no authorities have been contacted about the issue further making it appear that there was just a glitch in the system.
With the FUD that has circulated cryptocurrencies in the past, the suggestion that one of the largest exchanges has been hacked only adds fuel to the fire. Without hard evidence to back up the claim it is best for speculation to stay minimal, especially by major influencers.