Binance co-founder’s reassurance of system maintenance raises eyebrows

Binance, one of the largest exchanges in the world, stopped functioning a few hours ago, the trades weren’t showing up, candles stopped printing on TradingView, deposits weren’t being reflected, among others.

The exchange announced a scheduled maintenance notice which would take approximately 3 hours. The notice stated:

“Binance will suspend deposits, withdrawals, and trading during this period. Deposits that are not completed before the start of the maintenance will be processed after the completion of the maintenance. Please allow some time for deposits to show up in your account after the system maintenance.”

A few hours later, the exchange announced that it suffered from a disk failure a few hours ago but the systems in place detected the failure and prevented any and all irregularity.

The exchange tweeted:

The co-founder of Binance, Yi He, assured users the same as she tweeted:

“Why does @binance perform an unexpected maintenance? Because our system detected a disk failure and gracefully shut down to prevent any data loss or corruption. No data was lost, and all affected systems came back online normally. All is #safu!”

The tweet received a lot of heat from the confused users who tried to unpack the statement while others guessed that there was something going on under the hood.

A Twitter user @rotorobots, commented:

“this doesn’t make much sense technically. What does this even mean? There’s no redundancy setup?”

Another user @SecOfBitcoin, commented:

“Hrmmm… telling a highly technical user base that a “disk failure” caused an entire, top tier, exchange to go offline unscheduled. Paint some detail around that or suffer the backlash af, guys. Sheesh. You aren’t talking to a bunch of boomers on AOL, @cz_binance. C’mon, bruh.”

Bitfinex’ed suggested that CoinField, CoinSquare, and Binance, all went offline for system maintenance a few hours apart from each other and that this was unusual. According to the announcements of respective exchanges on Twitter, CoinSquare was the first exchange to go on maintenance at 11:46 IST, this was followed by Binance at 03:05 IST; CoinField was the last exchange that went into a maintenance mode at 03:20 IST.

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