What is the Binance Effect

Popular cryptocurrency exchange, Binance, has recently announced that it will be enduring a system maintenance. This means that crypto users will not be able to make any withdrawals, trading and any other activities will be suspended altogether until everything is good to go again.

This isn’t Binance’s first time calling a “system maintenance”, as the same event took place exactly one week ago. Just like this most recent announcement, the Binance team suspended all activities on the exchange due to some alarming issue that sprung into existence within its risk management system. Unfortunately, last week’s announcement took far too long to get resolved, leaving many impatient.

Details as to what might have happened this time around are yet to be disclosed and many Twitter users were not having it. Here are some tweets made replying to Binance’s announcement as to what might have happened with Binance’s system:

“Apparently a group of hackers hacked into the #Syscoin api at #Binance They used #SYS because of the relatively low hashing power,They then mined all the $SYS blocks for a while to prevent a rollback of the blockchain They apparently made 7000 $BTC.”

Crypto Moon Group @Crypt_0x

“Why don’t you Tweet that BEFORE you pull the plug?”

Crypto JAKE @jakelong32years

“That’s a lie we want to hear the truth we saw unusual trades happening.”

The frustration is crystal clear in the several tweets made since Binance made the post. Hopefully, the crypto exchange has a valid explanation for this sudden maintenance.

[FREE] Get Our Best Crypto Trading, Mining & Investing Hacks:

*Action Required* Enter Your Email To Get Insight For Trending Coin News & Reviews

I will never give away, trade or sell your email address. You can unsubscribe at any time.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

three + 8 =