Binance Suffers Distributed Denial of Service – Zhao Says Funds are Safe

Binance Suffers Distributed Denial of Service DDoS, Zhao Says Funds Safe

Changpeng Zhao, CEO of Binance, confirmed via his Twitter account that the platform suffered a DDoS attack. As a result, the exchange started experiencing delays, and users were having trouble accessing their funds.

Zhao said:

“Earlier today, our Chinese domains experienced targeted DDoS attacks, and users saw some lag and interruption of network access.”

A distributed denial of service (DDoS) attack is a malicious attempt to alter server, network, or service traffic. The attacker overloads its target with a huge amount of traffic causing platform access failures and interruptions.

Zhao added that the “attack pattern” shows one of the competitors on the exchange was behind the attack. At this time, no further details of the attack are known.

Binance Tighten Security by Hiring Hackers

Zhao has assured the exchange users that the funds are being saved. There were no reports of users losing their funds at the time of posting the article. A crypto community member asked the CEO of Binance if they considered hiring “hackers to tighten their security.” Zhao responded to the user and said everyone on Binance is working:

“We of course do. We also have self-perceived “competitors” doing testing for us. Everyone is working on Binance.”

Last February, Bitfinex and OKEx had fallen victim to DDoS attack that affected pricing for Bitcoin. At the time, after advancing in an upward trend during January and February, Bitcoin fell by 3.4 per cent to $8,400. Like Zhao, OKEx’s CEO also blamed their “competitors” for the attack and said that he would investigate the facts until the guilty parties were found. Though he offered a reward, the attackers’ identity remains unknown.

The attack on Binance does not seem to have had an impact on the BTC or the crypto market till this moment. The first market capitalization cryptocurrency managed to break the $8,000’s significant resistance and, at the time of publication, reqached a $8,364 price with profits of 5.55 per cent in the last 24 hours.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.