The Binance exchange encountered a technical malfunction earlier today, causing spot trading to be momentarily suspended. Twitter was used in the dialogue to recognize the problem and promise users that it would be resolved as quickly as feasible. The glitch has caused traders trouble, and Binance is working hard to resolve the issue immediately.
We are aware of an issue impacting spot trading on Binance.
All spot trading is currently temporarily suspended as we work to resolve this as soon as possible.
New updates will be shared here.
— Binance (@binance) March 24, 2023
Binance platform glitch explained
Binance CEO Changpeng Zhao went to Twitter to explain the reason for the platform’s current outage. In his tweet, CZ blamed the situation on the platform’s following stop-order mechanism flaw. He said an early investigation discovered a defect in the matching engine while processing a following stop order in a peculiar case.
CZ provided an update on the status of deposits and withdrawals on the Binance exchange while sharing information about the platform bug. The exchange has followed standard protocol by temporarily suspending these services. CZ reassured users that their funds are secure and protected by SAFU, which stands for Secure Asset Funds for Users. SAFU acts as an emergency reserve, adding an extra layer of protection to users’ assets on the exchange.
CZ updated Twitter after alerting customers of an expected recovery period of 30 to 120 min, noting that the problem had been resolved and the impacted engine was back up. Notwithstanding the settlement, CZ said that the platform required additional time for reconciliations and that other engines must catch up.
Attack timing delays reconciliation
The timing of the assault, according to Binance CEO CZ, is the primary cause of the unanticipated delay in reconciliation. CZ mentioned in his explanation that the Binance engines take hourly snapshots. The fault that caused the delay occurred just 57 mins into the procedure, increasing the time required for reconciliation.
Positive responses were received to CZ’s tweets, with very few adverse reactions sent. Instead, several individuals expressed gratitude for his updates while assuring him of their continued support.