Withdrawals On Binance (BTC) Have Been Temporarily Suspended

(CTN News) – On Thursday, Binance Exchange, the largest crypto trading platform in the world, announced that it had temporarily suspended Bitcoin (BTC) withdrawal from its platform.

Apparently, based on the tweet that contained the update, the exchange said the reason behind the suspension was due to the congestion that is currently evident on the Bitcoin network as a result of the halt.

In general, periods of network congestion can be a considerable source of discomfort for traders as they have to wait for a considerable amount of time for their deposits and withdrawal requests to be processed.

This suspension of withdrawals by Binance is considered by some to be a way to save its users from the stress associated with this congestion, until the congestion is resolved.

In an announcement, Binance stated one of its dedicated team members were “currently working on a fix until the network is stabilized and will reopen withdrawals of $BTC as soon as possible once the network has stabilized.”.

Due to Binance’s success as one of the most liquid exchanges in the world, as demonstrated by the proof of reserve asset it holds, it has been able to maintain a calm atmosphere in the community.

Despite the record listing of PEPE and Floki Inu memecoins over the weekend, Binance has maintained its lead in the industry by maintaining its industry-leading position.

In a world where the Bitcoin protocol has been experiencing sustained congestion for some time now, there has been concern about the protocol’s health in the industry.

It can be noted that a Twitter user whose name doubles as a major node operator has confirmed that Bitcoin is under a DOS attack an hour before Binance exchange reported the suspension of withdrawals.

In his opinion, “high transaction fees are the chosen pain point by the attacker, probably as a means of making bitcoin unusable for the smaller players in the market.”

The mechanism by which the attack is perpetrated appears to be shitcoining by Ordinals. According to Jogi, this attack might just be the beginning of a larger one.

In the blockchain ecosystem, Bitcoin has a reputation for being the most versatile protocol.

There is a possibility that this recognition will soon be cleared out since some smart contracts functionalities are currently being built on the network at the moment.

In order to enable the integrity of the network to be compromised, there are a number of possible attack vectors that can be exploited by smart contracts, just as is happening right now.

As a whole, Bitcoin’s price continues to be unfazed as of now it is trading at $28,941.90, which is a rise of 0.71% compared to yesterday.

The exchange has reported that withdrawals of Bitcoins have been resumed at the time of this writing.

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