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BINANACE EXPLAINED THE REASON FOR THE WITHDRAWAL OF BITCOIN

BINANACE EXPLAINED THE REASON FOR THE WITHDRAWAL OF BITCOIN

Cryptocurrency exchange Binance explained what caused the temporary withdrawal problems involving bitcoin on Monday in a series of tweets, saying it was due to adjustments made to address minor hardware failures.


Binance wrote that it was "correcting minor hardware failures in the wallet assembly areas earlier today, resulting in earlier transactions that were expected to be broadcast on the network after the modification of the nodes."


The company said "this pending merger had a low gas cost, which led to a recent withdrawal - which signaled UTXO pending mergers - was in jeopardy and could not be processed successfully." (UTXO refers to the release of unused transactions.)


In order to address these issues, Binance said it should "change the mindset to take UTTO that is only effective in selling successful mergers or withdrawals. This adjustment will also prevent the same problem from happening again."


Binance CEO Changpeng "CZ" Zhao initially said the problem was expected to be resolved within 30 minutes, but Binance said it actually took three hours to fix. The company stressed that users can still withdraw bitcoin from other networks, and that deposits are not affected.


Binance's explanation may alleviate concerns after Crypto-lending network Celsius announced Sunday night that it would temporarily suspend withdrawals, citing "very serious market conditions."

Source: yahoo




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