Binance Reports DDoS Attack, Offers 70% Discount on Fees

With Binance website currently being inaccessible, many investors go into panic mode. However, the CEO of Binance has assured the users that no data was lost. As Binance Reports DDoS Attack, users also can enjoy two weeks of lowered trading fees.

9 February, AtoZForex Earlier we have reported that one of the most popular international exchanges Binance has experienced an outage in trading operations. The company has halted all the trading activities, but denied the accusations of a hack attack.

Binance Reports DDoS Attack, Offers 70% Discount on Fees

The exchange has informed the public about the trading outage first time on Wednesday. The users were told that they might see some degraded performance for sometime.

Then, two hours later, Mr. Zhao has tweeted that a server issue has caused data to fall out of sync, adding that the development team now needs to re-sync from a master database. Later on, he published another announcement stating that the maintenance did not go as planned, so the team will take longer to address the issue.

In the latest developments, the Binance exchange supposed to be up and running again. The post from the company has confirmed that all functionality would return at 10 AM UTC on the 9th February. It also appears that the company is offering a two-week 70% discount on trading fees as a sign of “gratitude for their unwavering support throughout the upgrade process.”

Binance Popularity Growth

Earlier this week, the CEO of Binance, Changpeng Zhao was named as one of the “richest people” in the cryptocurrency area by Forbes. Prior to this, Mr. Zhao has been appearing on the media as an industry expert.

In the recent months, the exchange has become one of the largest platforms for trading cryptocurrencies by trade volume. According to the data available online, the exchange saw as much as $500 million in daily trading volumes at the time. In spite of a slowdown in the complex procedures that are used to facilitate the upgrade, Mr. Zhao has assured users that the integrity of data was never at the risk.

In his recent Twitter post, he has stated:

“There was a DDoS attack on our cloud provider, resolved, but still some lingering effects.”

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