The exchange community raises site security alarms related to the continuous technical issues of the platform in the last couple of months. As the log-in problem was arising, Binance users started discussions on Telegram and other social media channels, looking for an explanation of the problem.
Binance's team immediately took part in the conversations to address the concerns of their users. Furthermore, to assure that all funds were safe, Binance’s CEO, Changpeng Zhou tweeted saying that the bug on the website has been identified and the team is working on a fixture. He highlighted that no funds were missing.
The team was ready with a solution within an hour when it announced that the login functions were restored. Nonetheless, withdrawals took a longer period to become available online again following an audit.
Bitcoin’s price suffered a decrease following users' complaints, the hacking speculations related to the technical issue. It dropped quickly below the $7,000 mark, taking a significant dive of $250. During the night it decreased further to $6,617, according to CryptoCompare.