Due to a server issue, the largest cryptocurrency exchange Binance has been taken offline for the past 24 hours. During this period, both the exchange and its CEO have been extremely active on twitter, updating their users with the progress of bringing the platform back online.

The latest tweet reads that Binance is almost done syncing their database and will reopen the platform by 4AM UTC (which is about an hour and a half from now):

Estimated time for trading to recommence has not changed. We are still looking at 4am UTC 2018/02/09.

Thank you all for continuing to remain so patient.

Reminder: We will allow a 30-minute window where users are able to cancel orders prior to trading being opened.

— binance (@binance_2017) February 9, 2018

As a cryptocurrency hodler and trader myself I have been through numerous such situations where an exchange goes down, the community panics and assumes the worst. In every situation, the exchange posted truthful comments on twitter and did not mislead its users about the status of the platform. Furthermore, in my experience no exchange has been as active on twitter as binance during such downtimes.

Furthermore, the exchange will even offer a 30 minute grace period after the platform is reopened in order to allow users to cancel any pending orders before trading resumes.

While the exchange and its technical team are hard at work fixing their database, others decide to take the opportunity to spread rumors about a potential hack:

Binance has suspended trading. The company claims that they are doing a system upgrade and will resume at 2:00 AM GMT Friday. While I have no hard evidence, rumours are flying among top crypto influencers that they may have been hacked. Will keep you informed.

— John McAfee (@officialmcafee) February 8, 2018

I will leave you with the following tweets to decide for yourself who you want to believe, Changpeng Zhao – the CEO of the fastest profitable unicorn in history – or John McAfee.

We experienced a server issue on our replica database cluster, causing some data to be out of sync. Need to fully resync from master. Due the size of the data, it will take several hours. No data is lost. We appreciate your understanding and support.

— CZ (@cz_binance) February 8, 2018

Binance has not been hacked. Please do not spread false information. If you want to keep updated on the status of our system upgrade you're welcome to follow @cz_binance or @binance_2017

— binance (@binance_2017) February 8, 2018