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:
“It 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. »
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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 “remove the insects” 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.
— CZ 🔶 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 found”, 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.
👉 Also in the news – 1,200 German banks will be able to offer Bitcoin to their customers thanks to dwpbank
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