Discontinuation of bitcoin withdrawal from Binance due to overbooked trading on June 13
On the evening of June 13, through its official Twitter account, Changpeng Zhao, CEO of the world’s largest cryptocurrency trading platform, Binance announced that it would stop supporting Bitcoin withdrawals immediately.
“Halting the withdrawal of Bitcoin (BTC) from Binance due to blocked transactions, causing a backlog. We will find a way to fix the error in 30 minutes. If there’s any news, I’ll update it. All users’ assets are safe,” CZ said on Twitter at 7 p.m.
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| Binance CEO’s post announces that it will stop supporting Bitcoin withdrawals. Photo by @CZ. |
In addition, binance boss said the withdrawal issue only affects the Bitcoin blockchain. Users can still withdraw Bitcoin on another system such as BEP-20. In addition, CZ does not exclude the case that fixing the error will take more time and apologize to the customer. The problem was originally expected to be fixed in 30 minutes, but it took Binance’s side up to 3 hours to resolve. Beneath the post, many called on binance CEOs to lock both Bitcoin’s short and short buttons to pull back the green for the entire market. In addition, there are some comments criticizing the actions of the centralized exchange side, regularly locking up withdrawals, closing trades when the market is volatile. Bitcoin and many digital currencies set a new “bottom” for 2022 in the morning of June 13. The world’s largest digital currency is trading around the $24,000 mark, down 12 percent from 24 hours earlier. The fact that the whole market is in the red caused the market capitalization of the cryptocurrency industry to fall below the $1 trillion mark. After more than 18 months, the market has returned to this level of value. On June 13, a series of negative information emerged, putting pressure on Bitcoin and the cryptocurrency series. The U.S. consumer price index for May stood at 8.6 percent, beating investor expectations. ETH’s “Consolidation” schedule was also postponed. In addition, Celsius’ lockdown and USDD’s loss of $1 also weighed on investor sentiment. According to Alternative’s data, the sentiment index of the cryptocurrency market is at 11 points, around the extreme fear zone.
Bitcoin withdrawal support feature and explanation from Binance platform CEO
According to the latest information updated on the morning of June 14 after a series of incidents related to the withdrawal of Bitcoin, Binance has released detailed information about the process. This includes fixing some minor hardware flaws on wallet consolidation nodes, which causes previous pending transactions to be broadcast to the network after the nodes have been repaired.” The company said “these pending consolidation transactions have low gas fees, resulting in subsequent withdrawal transactions – only to the pending UTXO consolidation – stuck and unable to be successfully processed.” (UTXO refers to unused trading output.)
To fix these issues in the long run, Binance said it had to “change the logic to only take UTXO successfully from successful consolidation transactions or withdrawal transactions.” This repair will prevent the same problem from happening again.”
>> See also: Binance 2022 subscription guide
