On Friday, the Binance cryptocurrency exchange suffered its first outage since December 2021. A look back at the causes of this incident, which has since been fully resolved.
Binance suffers its first outage since 2021
Friday at 12:27 p.m. Paris time, Binance spot trading services suffered first outage since December 2021. Quickly, this spread to other services on the platform, which temporarily cut deposits and withdrawals as a precaution. As of 3 p.m., Binance services were back to normal.
On Twitter, the cryptocurrency exchange along with its CEO Changpeng Zhao (CZ) kept users updated on developments as the incident was resolved.
In fact, it turns out that this bug was caused by an unusual trailing stop, which triggered an outage in the order matching system. The latter makes it possible to phase buy orders and sell orders, to operate the trading services.
At Binance, this system takes a snapshot every hour to make backupsbut said incident occurred three minutes before the next snapshot, so it took longer than expected to get back up and running:
âIt is important to note that this was an internal problem and not an external cause. Although our engines take snapshots every hour, this bug occurred 57 minutes later, affecting repair times. »
đ Want to trade in a decentralized way? Find our tutorial on the dYdX platform
Trade on the leading DEX
âïž A platform at the heart of DeFi
đ§ Listen to this article and all other crypto news on Spotify
CZ relativizes the situation
repair time, CZ indulged in a historical anecdote between two tweets about the outageexplaining that the origin of the word bug would come from the fact that in the 1940s, it was necessary to âremove the insectsâ which sought heat in the components of the first computers, which could then cause short circuits:
A little trivia while we wait. Debugging. In the 1940s, when “chip” circuits still use big transistors. Insects often get in (because it’s warm) and short circuit things. Engineers have to periodically remove the bugs, thus debugging.
â CZ đ¶ Binance (@cz_binance) March 24, 2023
This anecdote seems to refer to the story of computer scientist Grace Hopper who allegedly faced a malfunction caused by a moth that lodged in a relay of the Harvard Mark II computer on September 9, 1947. The insect was kept in a notebook identifying him as the “first real case of bug foundâ, but in reality, the use of this term would be older than that, because Thomas Edison himself would have used the word.
At any rate, Binance services quickly resumed normal operation and this episode would not have put the funds of the platform’s customers at risk. For its part, the price of Bitcoin (BTC) was not particularly impacted by the news, currently trading around $27,800.
đ Also in the news – 1,200 German banks will be able to offer Bitcoin to their customers thanks to dwpbank
đ Cryptoast Research Launch Offer
1st Newsletter Free with the code TOASTNL
Source: Binance
Newsletter đ
Receive a summary of crypto news every Monday by email đ
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
551 items
;Resize=(1200,627)&impolicy=perceptual&quality=mediumHigh&hash=46260c12876d271a94ac89fd0c3c1dab06707e0fac996da36a231afd1843efb0 "Joyn Live Event – Streamer Trymacs lĂ€dt am 25.11. zum Boxevent âThe Great Fight Night II â ein")
