Binance is at the shutdown on this Friday for its spot exchange activity. All transactions to exchange one currency for another instantly have not been available since 12:30 p.m., the platform confirmed on Twitter. The problem could have consequences if Binance let its users withdraw their funds so the platform decided to also freeze deposits and withdrawals, for security reasons. Money on Binance cannot therefore be withdrawn, and no operations are possible. Must wait.
It seems that the nature of the problem has still not been identified by the technical teams. Binance, by its founder and CEO Changpeng Zhao (CZ) explained a few minutes later that it would be a “bug on a trailing stop order” stating that he was “particularly weird”. He argued that a return to normal would be estimated by “30 mins to 120 mins”and “customer funds are safe”.
Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA.
Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #ROW. ?
— CZ ? Binance (@cz_binance) March 24, 2023
Also on Twitter, a netizen questioned Changpeng Zhao, mentioning his amazement at the reason for the problem. “’A’ trailing stop order? How could a single trailing stop command stop the engine? Crazy so true”, he wrote. To which CZ replied that “Software bugs happen this way. Matching engines are sequential state machines. Previous orders affect future orders. If a command encounters a bug, the matching engine stops, for security reasons”.
More information should follow on the halting of exchange operations on Binance and the thawing of deposits and withdrawals. Given Binance’s size in exchanges today – 60% of cryptocurrency transactions pass through its platform, and up to 90% for Bitcoin exchanges alone – the problem should not go unnoticed. . Since the collapse of Silicon Valley Bank and the contagion effect of bank defaults, investor confidence in cryptocurrencies has rebounded, but inflation and domino effects remain particularly sensitive issues in the future. actual hour.
More information to come…
