People were speculating that Binance was hacked but the company’s CEO, Changpeng Zhao has debunked, assuring the community that funds on the trading platform are safe.

Zhao noted that the error was due to the data transmission issues experienced by one of their partners. He continued that nothing is wrong with its matching engine and there has been no form of corruption. Trading has been paused on the exchange’s platform, says the CEO.

Unscheduled system maintenance. Trading paused. Working on it. — CZ Binance 🔶🔶🔶 (@cz_binance) February 19, 2020

Binance praised as the biggest crypto trading platform by trading volumes was hacked last year, involving the stealing of BTC valued at $41 million.

There was an unscheduled maintenance before Binance’s admission. Based on previous announcements, such unplanned maintenance patches are aimed at arresting high level errors. Nonetheless, Binance always announced an unscheduled maintenance for damage control before anything.

There are consequences for such errors if not addressed immediately. Binance released a statement that read: