Binance, the largest crypto exchange in the world, faced a technical bug that disrupted spot trading, deposits, and withdrawals earlier today.
The issue reportedly affected a trailing stop order and prompted the exchange to halt spot trading as part of its standard operating procedure.
Binance users took to Twitter to raise the issue, following which the exchange disabled spot trading to work on the problem. CEO Changpeng Zhao confirmed that one of Binance’s matching engines had encountered the bug, but assured users that their funds were “SAFU.”
During the outage, malicious elements spread FUD about the crypto exchange, claiming they were able to exploit a vulnerability to obtain a large number of assets during system maintenance.
However, Binance’s official Chinese channel quickly completed the internal reconciliation of the system, found no problems, and resumed withdrawals.
Changpeng Zhao warned users to beware of such rumors and advised them to re-assess their collateral balances before the start of spot trading to mitigate against price fluctuations. Despite the brief disruption, Binance has now resumed withdrawals and spot trading is back to normal.
Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.
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