Crypto exchange Binance explains Bitcoin withdrawal issue that lasted for more than 3 hours
BTC withdrawals resumed at 11:30am EST or around three and a half hours after CZ's initial tweet.
Tue, 14 Jun 2022, 06:29 am UTC
Binance, the world’s largest crypto exchange by volume, experienced Bitcoin withdrawal issues on Monday. The problem arose as the exchange was doing repairs to fix small hardware failures.
“Withdrawals on the Bitcoin (BTC) network were temporarily suspended on 2022-06-13 at 11:43:43 (UTC),” Binance wrote in a blog post on Monday. However, the crypto exchange assured users that.”BTC withdrawals on other networks (BEP20 and ERC20) remain open and are working as normal.”
Binance CEO Changpeng Zhao initially said that the issue will be fixed in half an hour. “Temporary pause of $BTC withdrawal on Binance due to a stuck transaction causing a backlog,” CZ tweeted. “Should be fixed in 30 minutes. Wll update.”
However, he later made an update saying that the issue might take a bit longer to fix. He also revealed that the funds are SAFU or Secure Asset Fund for Users emergency insurance fund that Binance set up four years ago, according to Coindesk.
The withdrawal issue lasted for more than 3 hours. BTC withdrawals resumed at 11:30am EST or around three and a half hours after the CEO's initial tweet, according to Decrypt.
The crypto exchange later issued a more detailed explanation for the cause of the Bitcoin withdrawal pause. “We were repairing several minor hardware failures on wallet consolidation nodes earlier today, which caused the earlier transactions that were pending to be broadcast to the network after the nodes were repaired,” Binance tweeted on Tuesday. “These pending consolidation transactions had a low gas fee, which resulted in the later withdrawal transactions - which were pointing to the pending consolidation UTXO - getting stuck and not able to be processed successfully.”
Binance had to change the logic so it will only take successful UTXO consolidation transactions or successful withdrawal transactions to fix the issue. The company further explained that the remedy would also ensure that the same problem won’t happen in the future.
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