Binance Reveals Incident That Forced It to Freeze BTC Withdrawals – Featured Bitcoin News

In a post-mortem issued shortly after it lifted the freeze on bitcoin withdrawals, Binance has identified the “repairing of several minor hardware failures on wallet consolidation” as the incident that ultimately forced it to pause withdrawals. To fix the problem and to stop this from recurring, Binance said it changed the logic “to only take successful UTXO from consolidation transactions or successful withdrawal transactions.

According to the exchange, it was these transactions, which had a low gas fee, that led to transactions getting stuck. The exchange explained: 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.

Therefore, to fix this and prevent this from recurring, Binance said it had to “change the logic to only take successful UTXO from consolidation transactions or successful withdrawal transactions.” Following this change, withdrawals on the bitcoin network have resumed, the exchange said.

The Paxful CEO ends his tweet by questioning Binance’s decision to “leave all sh*tcoin withdrawals open.”: “Nice one just what I was telling people yesterday after CZ’s post. To keep it short Binance operates like CEFI [centralized finance] those guys are buccaneers they don’t care about the little guys. They fear if people start withdrawing they can’t meet up cause most of the bitcoins are on loan.

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and that people want to take what is theirs. Why not? The fact is that the exchange is like a bubble ........ any exchange.

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