For a few hours on Wednesday, 4th April, several Binance users flooded the exchange’s telegram group to complain about their inability to log into their accounts.
Some of the members said they got error messages like “invalid email or password” each time they tried to access their accounts. The complaints grew from clarification and directions to worry, some people already thinking the worst. A member of the group asked “binance hacked again?” sparking fears amomg other users.
However, some others were very positive and wouldn’t be drawn into a panic. In response to a post suggesting a hack, one user cautioned “Stop this FUD” while reiterating trust for the cryptocurrency exchange.
Binance says All Funds are Safe
A Binance representative was quick to swing into the discussions to douse the growing tension and give directions. Acknowledging issues, the Binance rep assured users that the glitch will be resolved quickly.
Image source: financemagnates.com
Through a series of tweets, the Binance CEO, Zhao Changpeng, stayed on top of the matter until Binance finally announced that the issue was resolved. He claimed it was a bug that was missed as assured the public that all funds were safe.
Bounty: Binance bizzare response to a cyberattack
Fears of a possible hack were not entirely out of place given recent trends. Last month, Binance was the subject of a cyberattack although it was a failed attempt and one targeted at user accounts not Binance. The cyrptocurrency exchange acted swiftly and placed a bounty of $250,000 on the head of the hackers. The exchange announced that it would dedicate a fund worth $10 million as to discourage future hack attempts. At the time, observers questioned Binance approach which some said made it seem they didn’t trust their security systems.
Users affected by the glitch have since gained access to their Binance accounts.