pull down to refresh

20 sats \ 1 reply \ @shyfire 13 Jun 2022 \ parent \ on: Binance has temporarily paused #Bitcoin withdrawals bitcoin
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.
write
preview
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.
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.
reply