Binance bug dumps BTC 1.39% – CZ assures ‘Funds are #SAFU’ Binance bug dumps BTC 1.39% – CZ assures ‘Funds are #SAFU’
Binance tweeted that it knew of an issue impacting spot trading and said it was working to resolve it soon.
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Updated: Mar. 24, 2023 at 6:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance said it has temporarily suspended spot trading on its platform due to an unnamed issue.
The crypto exchange tweeted that it knew of an issue impacting spot trading and was working to resolve it soon.
The exchange did not provide additional information about the issues.
Binance CEO Changpeng ‘CZ’ Zhao described the issue as a “weird one.” He said:
“Initial analysis indicates matching engine encountered a bug on a trailing stop order.”
He added that deposits and withdrawals have been paused as a standard operating procedure and assured users that their funds were safe. He expects the recovery to take between 30 minutes to two hours.
The Binance status page showed that withdrawals and deposit functions had been suspended for all crypto assets on its platform.
Binance was yet to respond to CryptoSlate’s request for comment at the time of writing.
Following the news, Bitcoin (BTC) plunged 1.39% on the 1-hour candle to $27,635, according to CryptoSlate data.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.