(Twitter) Binance CEO Changpeng Zhao says a “stuck transaction” has caused a backlog on the network, which prompted a halt on Bitcoin withdrawals.
Temporary pause of $BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. Will update.
— CZ 🔶 Binance (@cz_binance) June 13, 2022
Funds are SAFU.
Zhao promised to fix the issue in 30 minutes, although he later lamented that it was taking longer to rectify than previously estimated. Binance said that users’ funds are still safe.
The Binance CEO said the stuck transaction was only affecting the Bitcoin network. He said users can still withdraw Bitcoin on other networks such as BEP-20.
The announcement came the same day that Bitcoin tumbled to below $24,000 amid growing concerns of a tighter economy due to rampant inflation. Bitcoin price is now at the lowest since December 2020.
Crypto lender Celsius also announced that it was suspending withdrawals on its network. The network cited “extreme market conditions.”
BTCUSD is down -11.00%, BNBUSD is down -12.29%.
