Binance, the world’s largest crypto exchange by trade volume, resumed withdrawals on the Bitcoin (BTC) network after a short hiatus early Monday, according to an official statement. Meanwhile, the exchange announced that it will support a new update and hard fork in an altcoin. Here’s what happened…
Binance suspended Bitcoin withdrawal
On a verified Twitter account, Binance CEO Changpeng Zhao said the problem was caused by a “stuck transaction causing backlog.” The problem was resolved in three hours, compared to Zhao’s initial estimate of about half an hour. This announcement comes amid a surge in withdrawals amid the decline in crypto prices as Bitcoin traded below $24,000 on Monday for the first time since December 2020.
Binance explained the reasons behind the issue earlier today, noting hardware failure in wallet consolidation nodes. He explained that after these nodes were repaired, they were forwarded to previous pending transactions. He also said that subsequent withdrawals see jamming due to the low transaction fee of these transactions. To address this, the exchange changed the system to only receive successful UTXO transactions between consolidation or successful withdrawals.
As we reported on Kriptokoin.com, cryptocurrency lending network Celsius paused user withdrawals on Monday in addition to trading and transfers, causing further drops in crypto prices. Binance’s official Twitter account said that other networks are available to withdraw BTC during the network outage. He stated that the platform guarantees that the same thing will not happen again.
Firo (FIRO) network update and hard fork will be supported
According to Binance’s other statement, network update and hard fork will be supported for Firo (FIRO). The exchange will support Firo (FIRO) network upgrade and hard fork. The Firo (FIRO) network upgrade and hard fork will take place approximately on June 16, 15 ET. FIRO’s deposits and withdrawals will be suspended from 14:00 on the same day.
FIRO trading will not be affected during network upgrade and hard fork. The Firo (FIRO) network upgrade and hard fork will take place approximately on June 16, 15 ET. The estimated time is for users’ reference only. It will meet all relevant technical requirements for all users holding FIRO in their Binance account. Firo (FIRO) network upgrade and hard fork do not result in the creation of new tokens.
Considering the updated network is stable, they will reopen deposits and withdrawals for FIRO. With the update in question, Firo will reduce the block time from 5 minutes to 2.5 minutes. There will be no change in Firo’s inflation rate and maximum supply. The allocation of FIRO block rewards will also include a community fund after the network upgrade and hard fork.
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