Binance Under Attack, Chinese Domains Suffered DDoS Attacks But CZ Says Funds are SAFU
Binance founder and CEO, Changpeng Zhao confirmed via Twitter that the Chinese domains of the leading cryptocurrency exchange suffered “targeted DDoS attacks.”
As such users experienced some lag and interruption of network access. But CZ assured that there is no need to be concerned as systems are fine and “funds are SAFU.”
Distributed denial-of-service (DDoS) attacks are the result of multiple compromised systems, such as a botnet, flooding the targeted system with traffic.
“Based on the attack pattern, it looks like work of our self-perceived competitors,” added CZ.
— CZ Binance 🔶🔶🔶 (@cz_binance) April 29, 2020
The Chinese users of the platform also reported issues while using the website, reportedly a large scale of lag had been on the contacts page.
During the third biggest decline in Bitcoin price‘s history, Black Thursday, crypto derivatives exchange BitMEX also reported that it was hit by two denial-of-service attacks (DoS), a move to delay and prevent trades on the platform, which likely averted a further drop in the BTC price. Recently, CZ shared with Bloomberg that in the aftermath of the event,
“We are changing a lot of our internal systems, just to be very cautious and conservative and be safe about it,” and “the No. 1 thing we are focused on right now is just to increase system capacity.”
But the exchanges in the market remain “inherently fragile.”
Meanwhile, the exchange is grabbing market share from the likes of BitMEX whose declined 32% during this market turmoil.
While the new user signups on other exchanges have declined in April versus February and January, Binance’s are higher than they were in February “by far,” Zhao said. “It’s possible users from other exchanges are moving to our platform,” he added.