Bitcoin drops $1,000 in an hour.
Cryptocurrency exchange Binance has suspended all withdrawals from its platform at the time of writing, citing “irregularities in trading activity”.
Binance CEO, Changpeng Zhao, has posted on social networking site Twitter in an effort to reassure users that “All funds are safe”:
All funds are safe. There were irregularities in trading activity, automatic alarms triggered. Some accounts may have been compromised by phishing from before. We are still investigating. All funds are safe.
— CZ (not giving crypto away) (@cz_binance) March 7, 2018
The suspension coincided with a steep drop in cryptocurrency prices. As of now, the market value of Bitcoin has dropped to $9,630, shedding over $1,000 on its price before the Binance suspension:
This is the second time in a month that Binance has experienced operating issues. The last time Binance suspended withdrawals, it was after a prolonged and problematic software upgrade.