Sunday, June 26, 2022

Giant Crypto Exchange Blocks Bitcoin Withdrawals Amid Market Drop

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Crypto exchange Binance has blocked bitcoin withdrawals amid a major market downturn.

It left users unable to withdraw funds when the price of Bitcoin fell.

A stuck transaction meant there was a backlog in the company’s systems and it wasn’t able to fulfill people’s requests, the company said.

Changpeng Zhao, CEO of Binance, known as CZ, said on Twitter that people’s funds are safe.

He also assured users that it would take around 30 minutes to fix the issues. However, he later said that fixing the issue “would take a little longer than my initial estimate”.

CZ limited replies to his tweet so only people he follows could reply to it publicly. Still, the post sparked panic among some investors, who feared they could lose money as Bitcoin’s price continued to drop.

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