The week of February 20th, 2023 was a difficult one for Binance, the world’s largest cryptocurrency exchange. On February 21st, the exchange experienced a major outage that lasted for several hours. During this time, users were unable to access their accounts or make trades.
The outage was caused by a distributed denial of service (DDoS) attack on the exchange’s servers. The attack was targeted at the server hosting the exchange’s trading engine, which caused the system to become overloaded and eventually crash.
The attack was particularly damaging because it occurred during a period of high trading volume. As a result, many traders were unable to complete their orders and had to wait until the system was restored.
Binance responded quickly to the attack, deploying additional servers and increasing its security measures. The exchange also released a statement apologizing for the inconvenience and assuring customers that their funds were safe.
In addition to the DDoS attack, Binance also experienced a number of other issues during the week of February 20th. On February 22nd, the exchange suffered from a technical issue that caused some users to be unable to withdraw funds from their accounts. This issue was quickly resolved, but it caused further disruption for traders.
The week of February 20th was a difficult one for Binance, but the exchange responded quickly and effectively to the challenges it faced. By taking swift action and communicating openly with its customers, Binance was able to minimize the disruption caused by the DDoS attack and other issues.
Source: Plato Data Intelligence: PlatoAiStream