Binance’s CEO, Changpeng Zhao, has said that the exchange’s Chinese domains suffered DDoS attacks which were allegedly carried out by competitors.
Changpeng Zhao (CZ), CEO of Binance, recently admitted that Binance’s Chinese domains were experiencing issues. DDoS attacks temporarily brought these domains down. Zhao wrote on Twitter that ‘it looks like the work of our self-perceived competitors.’
Binance: A Prime Target
In all, he said that the system is back up-and-running and funds remain safe. It is currently unclear which domains were targetted and there has been no official detailed report on the attack put out by the exchange at the time of publishing.
Competitors Fight for Market Shares
Some competitors have been aggressively trying to eat up Binance’s market share. For example, when the exchange delisted leveraged tokens in late March, BitMax almost immediately announced it would be supporting these tokens soon after. However, Binance seems just as likely to be hurt by its own actions. The exchange is often caught and embroiled in controversy. Earlier this month, it was revealed that a case would soon be brought forward against Binance for allegedly embezzling nearly $1M in cryptocurrencies.
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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital...
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital...
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