A DNS provider error at Binance make traders go AWOL!

Recently, Binance cryptocurrency exchange experienced a technical glitch in its DNS server due causing the exchange to go offline.

Just imagine if, during this quarantine period, your Wi-Fi server calls you up and says that due to technical errors, you’ll not be able to access the internet or even avail the Wi-Fi’s services for a week! The problem here, in many cases, would be an error in the DNS server.

A DNS server is a server that contains all the IP addresses and the hostnames in a consolidated database. A fault in that server may occur due to various reasons such as technical glitches or power surges.

Now, imagine if such an error occurs in larger, more famous places like the bank or a national security base. Such a level of threat would cause severe digital, financial, and even physical casualties.

One such prominent organization in the crypto world is Binance, the largest cryptocurrency exchange aiding to buy and sell cryptocurrencies.

 

Binance goes offline!

Recently, the online platform Binance experienced a technical glitch in its DNS server, causing it to go offline. The founder, Zhao, stated that it was indeed a DNS provider that went faulty that caused this mishap.

But the main worry is due to the fact that back in May 2019, a hack that caused a security vulnerability in the cryptocurrency exchange platform caused a staggering overall loss of USD 40 million. But as the problem arose in the DNS server, one could only imagine the database that contains all the IP addresses and the hostnames of such a cryptocurrency exchange platform lying vulnerable to hackers, frauds, and ransomware. There have been rumor run reports of extreme market volatility, DDoS attacks, and unscheduled maintenance, which ran into errors. We’ll all have to be patient now and hope for very minimal casualties.

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Nishith Ramachandra
Nishith Ramachandra
Nishith is not famous, nor has he even looked at the stairs of fame at a large scale. He’s a normal CS engineering student but with some strange curiosity and a penchant for good articles. He actively cooks some wonderful dishes while stating that his inspiration to cook is the famous cook, Gordon Ramsey. He discovered his ability to fluently use words since he was in 7th grade and since then, he’s constantly kept at it. While writing is more of a mainstream pastime to him (other than engineering of course), he has a passion towards instrumental music as well, ranging from the tabla to the bass guitar. He’s quiet renowned within his educational sphere as being a person with a flair to churn out quiet good poems and paragraphs and that too on demand! He writes not so as to address a mass gathering (his orating skills take care of that aspect) but to address the individual reading the article, that’s something that the reader himself testifies to. His plans towards his future albeit are more aligned towards the business and management side, his skill as a writer are gonna leave some mark in its aspect to the world, or so he says.

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