Binance, the world’s largest cryptocurrency exchange, experienced a technical bug that disrupted spot trading, forcing the platform to halt all deposits and withdrawals.
The bug reportedly affected a trailing stop order, and users of the platform took to Twitter to highlight the issue. The exchange’s CEO, Changpeng Zhao, assured users that the funds were safe, and that one of the matching engines had encountered the bug.
Spot trading on Binance remained closed for two hours, and after the technical issue was resolved, trailing stops were disabled, along with the cancellation of existing trailing stops.
Zhao warned users about some malicious elements that had used the technical glitch to spread FUD about the crypto exchange. He urged users to re-assess their collateral balances prior to the start of spot trading to mitigate against price fluctuations that may occur.
The incident highlights the importance of platform security and the need for exchanges to stay vigilant against malicious elements. Despite the disruption, Binance’s swift response and resolution of the bug demonstrate its commitment to ensuring the safety and security of its users’ funds.
