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Top crypto exchange Binance said it completed temporary system maintenance and resumed all trading activity. Earlier on Friday, the exchange said it suspended all spot trading on the platform on a temporary basis. It was reported that the estimated recovery time for fixing an issue to be between 30-120 minutes. The exchange’s CEO CZ confirmed the news saying all the funds are safe.
Also Read: Nasdaq To Offer Crypto Custody Services Soon Despite Regulatory Burden
The Binance trading halt came at a time when rising concerns as German multinational investment bank Deutsche Bank’s shares dropped by 11% as the global banking system undergoes a crisis. Meanwhile, the crypto market is currently showing signs of resilience as the token prices remain stable. However, the Binance trading suspension coincided with Bitcoin price going below the $28,000 milestone.
Binance Spot Trading Resumes
Addressing concerns of traders over the spot trading halt, the exchange said initially that issue occurred as the matching engine saw an error on the trailing stop order. In a latest, the team said it had completed the system maintenance.
“Binance has completed temporary system maintenance and will resume all trading activity.”
Also Read: US Fed Prints $400 Billion, Bitcoin Price and Ethereum Set To Rally
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano DEX Minswap has come out of maintenance mode after the team fixed a critical vulnerability. The exploit could have resulted in a large amount of liquidity being drained.
Minswap, a multi-pool decentralized exchange on Cardano, has just come out of a maintenance mode that lasted for about 50 hours. The team published a blog post talking about how they had gone into maintenance mode because of a critical vulnerability.
The Minswap DEX went into maintenance mode for 50 hours, and as of now all vulnerabilities discovered have been addressed.
In this article, we explain the vulnerabilities, how it was patched and steps forward1/8https://t.co/tibGdLGKeo
— Minswap (@MinswapDEX) March 24, 2022
Minswap beefs up security
The funds are now all safe and the vulnerability has been fully patched. Users are unaffected in any way, and their positions are the same as from before the maintenance mode was launched.
On March 22, the team was alerted to a serious vulnerability in their smart contracts that would have allowed someone to drain all liquidity. This prompted them to create safeguards and migrate the liquidity to a new smart contract that was patched.
Please note that The DEX features will be slow for an hour. Currently, We are fixing some issues that some of you were facing and upgrading for a better experience. We’re working hard to finish that as soon as possible. Thank you for your patience.
— Minswap (@MinswapDEX) March 22, 2022
They also extended the liquidity incentives by two days for those who had stacked in the MIN/ADA pool with the LBE NFT. The team is airdropping LP tokens based on a snapshot and over 40% of these tokens have been migrated.
The report on the vulnerability patch goes into detail on how it could have been exploited, and the resolution the team took to fix the issue. One notable point is the temporary addition of making the creation of new pools permissioned. It goes against the grain of decentralization, but the team expects to go into a more decentralized model with Minswap DEX v2.
Smart contract auditing a must
The Minswap team is fortunate to have caught the vulnerability in time. Had it not, it could have resulted in a massive drain of funds and caused a huge reputational hit. Many projects have suffered exploits in recent weeks.
Smart contract weaknesses remain one of the top means by which bad actors steal funds in the DeFi market. It has become essentially mandatory for these projects to run the smart contracts by a third-party auditing firm, which greatly improves their security.
On top of this, crypto insurance is coming to the fore, and this helps protect investors in the event of a theft. The DeFi market is in dire need of more protective measures, as more attackers look to new entrants in the popular niche for their targets.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Update: Maintenance for the @Cardano Network $ADA will delayed by an additional 24 hours.
Deposits & withdrawals remain closed until the network is restored. Please note that users will not be notified once maintenance is complete. https://t.co/0I3WwxztwQ— Binance (@binance) February 23, 2022
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