Binance has temporarily paused #Bitcoin withdrawals \ stacker news ~bitcoin

Binance has temporarily paused #Bitcoin withdrawals twitter.com/binance/status/1536322033222664194?s=21&t=Ug75Uy0AN5WHtRYRCjAgfg

83 sats \ 17 comments \ @FatBear 13 Jun 2022 bitcoin

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26 sats \ 0 replies \ @TheBTCManual 13 Jun 2022

Looks like liquidity is drying up and its arse covering time

26 sats \ 0 replies \ @gms 13 Jun 2022

not your keys, not your coins

11 sats \ 2 replies \ @nerd2ninja 13 Jun 2022

Here we go again (Here we go again) Same old shit again (Same old shit again) Marching down the avenue (Marching down the avenue) Two more years and we'll be through (Two more years and we'll be through) I'll be glad and so will you (I'll be glad and so will you)

6 sats \ 0 replies \ @Majjin 13 Jun 2022

3 sats \ 0 replies \ @EnormousPony 13 Jun 2022

I remember this meme being posted during the MTGox run, I can't believe that after all these years we are still at this point

1 sat \ 2 replies \ @cryptocoin 13 Jun 2022

Probably: So much funds withdrewn from hotwallet that they had to send funds from coldwallet to hotwallet. That transaction carried to little mining fees and is now sitting in the mempool.

They could easily do a CPFP to get the tx confirmed, so a little unbelievable.

https://twitter.com/zerofeerouting/status/1536320895203024896

If they were being honest they'd post the txid so miners could help prioritize it.

https://twitter.com/midmagic/status/1536345385471340544

20 sats \ 1 reply \ @shyfire 13 Jun 2022

While CPFP would solve this in theory, a friend of mine who ran a big exchange told me that it's quite likely that it's not that simple. Binance finance system, processes and systems etc probably don't have CPFP support i.e. it's not just that simple for them to create an ad-hoc CPFP transaction.

1 sat \ 0 replies \ @cryptocoin 13 Jun 2022

A batch of $BTC transactions got stuck due to low TX fees, resulting in a backlog of BTC network withdrawals.

As a result, withdrawals on the Bitcoin network are temporarily suspended on Binance.

BTC withdrawals on other networks (BEP20 & ERC20) remain open as normal.

https://twitter.com/binance/status/1536337215877283840

All they had to do was to share the TXID(s) publicly and let a recipient take care of it. And if you were a recipient, you would have known the TXID and would have done a CPFP yourself, and solved Binance's issue for them. None did, and likely not because they didn't notice a "stuck" withdrawal transaction waiting to be confirmed.

Of course, ... "stuck due to low TX fees" is not truly why they paused. You know that, and I know that. They needed to stem the outflow, and that was a (weak) excuse as to why they were "temporarily" unable to service withdrawal requests.

Anyway, they've now resumed withdrawals, and anyone that requested a withdraw previously that was never delivered now has to withdraw again.

But as always, not your keys, not your coins. Plan accordingly.

0 sats \ 0 replies \ @Ge 14 Jun 2022

Ahhh this is fun haha so many of the experts are so quick to explain on chain and exchanges etc. but when you ask if they hold their own keys dead silent and they don't have any idea....do your own research and build your conviction.

0 sats \ 0 replies \ @0xtr 13 Jun 2022

not your keys, not your coins not your keys, not your cheese

0 sats \ 2 replies \ @shyfire 13 Jun 2022

This is the third time in the past 2-3 months that Binance has dumped on mempool to "consolidate" just as the price tanks... the timing is awfully suspect.

0 sats \ 1 reply \ @ideasourcing 14 Jun 2022

I guess if you were an exchange owner you too would play tricks to get better mileage than your competitors. Ultimately, I want to know if keeping some money on Binance is reliable or not.