Binance, the world’s largest cryptocurrency
exchange, on Monday paused Bitcoin withdrawals on its platform.
Binance founder and CEO Changpeng Zhao explained
that “ a stuck transaction causing a backlog” necessitated the action.
Zhao in an earlier post on Twitter had said that
the issue will be cleared in 30 minutes but later announced that the impasse
would take a bit longer to fix.
The CEO, however, noted that a halt on
withdrawals only affects the Bitcoin network.
Zhao, who also pointed out that users can still
withdraw BTC from other networks like BEP-20, noted that all users’ funds are
in the Secure Asset Fund for Users (SAFU).
While the BEP-20 is a token standard deployed in
creating tokens on the Binance Smart Chain, SAFU is an emergency insurance
fund.
Binance established SAFU in July 2018 to protect
users’ funds.
Crypto Crash
Bitcoin slumped by 14% at the beginning of the
new week. The cryptocurrency fell below $25,000. This plunge is the lowest since
December 2020.
According to estimates, more than $200 billion
was lost in the cryptocurrency market during the crash.
TIME reports that the fall follows the release of the May 2022 Consumer Price Index by the US Bureau of Labor Statistics
Over the past one day, other top cryptocurrencies have also slumped by significant numbers. These include Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecon (DOGGE). They fell between 15-25T.
Binance, the world’s largest cryptocurrency
exchange, on Monday paused Bitcoin withdrawals on its platform.
Binance founder and CEO Changpeng Zhao explained
that “ a stuck transaction causing a backlog” necessitated the action.
Zhao in an earlier post on Twitter had said that
the issue will be cleared in 30 minutes but later announced that the impasse
would take a bit longer to fix.
The CEO, however, noted that a halt on
withdrawals only affects the Bitcoin network.
Zhao, who also pointed out that users can still
withdraw BTC from other networks like BEP-20, noted that all users’ funds are
in the Secure Asset Fund for Users (SAFU).
While the BEP-20 is a token standard deployed in
creating tokens on the Binance Smart Chain, SAFU is an emergency insurance
fund.
Binance established SAFU in July 2018 to protect
users’ funds.
Crypto Crash
Bitcoin slumped by 14% at the beginning of the
new week. The cryptocurrency fell below $25,000. This plunge is the lowest since
December 2020.
According to estimates, more than $200 billion
was lost in the…
