1 sat \ 2 replies \ @cryptocoin 13 Jun 2022 \ on: Binance has temporarily paused #Bitcoin withdrawals bitcoin
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
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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.
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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.
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