Recently, Binance, the world's largest cryptocurrency trading platform, suspended Bitcoin's withdrawal service twice due to network congestion. This has sparked market attention and concerns
Recently, Binance, the world's largest cryptocurrency trading platform, suspended Bitcoin's withdrawal service twice due to network congestion. This has sparked market attention and concerns.
According to official news from Coin Security, on the morning of May 8th, Coin Security stated that it had suspended Bitcoin withdrawals due to a large number of pending transactions. The team is currently researching a repair plan and will resume the extraction of Bitcoin as soon as possible. This is the second time a similar situation has occurred since Coin An suspended Bitcoin storage for a short period of time due to technical reasons on the evening of May 7th.
It is reported that the Bitcoin network has recently experienced transaction congestion, leading to an extension of transaction confirmation time and an increase in transaction fees. According to blockchain. com, as of May 8th, the number of unconfirmed transactions on the Bitcoin network reached 106000, with an average transaction fee of $59.7.
In addition, there have been media reports that Coin An has been organizing cold wallets involving over 150000 Bitcoins (approximately $8 billion) while suspending Bitcoin withdrawals. This has also sparked speculation among some users about whether Coin Security has encountered hacker attacks or internal crises.
There is no clear explanation provided by the currency security side regarding this. However, some analysts believe that Coin An may have been operating normally to optimize its wallet management system to cope with increasing user demand and transaction volume.
At present, it is unclear whether the Bitcoin withdrawal service of Coin An has returned to normal. However, from the official attitude of Coin An, it seems that there is not much sense of crisis. Zhao Changpeng, the founder of Coin An, said on Twitter, "Everything is normal, don't worry
This article originates from the financial industry
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