withdrawals – Coin Network News https://coinnetworknews.com If it's coin, it's news. Tue, 27 Feb 2024 09:32:32 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 Crypto Exchange Bitforex Suspends Withdrawals Following $56.5M Drain From Hot Wallets https://coinnetworknews.com/crypto-exchange-bitforex-suspends-withdrawals-following-56-5m-drain-from-hot-wallets/ https://coinnetworknews.com/crypto-exchange-bitforex-suspends-withdrawals-following-56-5m-drain-from-hot-wallets/#respond Tue, 27 Feb 2024 09:32:32 +0000 https://coinnetworknews.com/crypto-exchange-bitforex-suspends-withdrawals-following-56-5m-drain-from-hot-wallets/ Crypto Exchange Bitforex Suspends Withdrawals Following $56.5M Drain From Hot WalletsBitforex, a centralized cryptocurrency exchange, abruptly halted user withdrawals. This sudden action occurred just moments after a reported $56.5 million was removed from the platform’s hot wallets. According to online crypto investigator Zachxbt, the Bitforex team has ceased all communication with users. No Official Word From the Bitforex Team On Feb. 23, Bitforex, a cryptocurrency […]

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]]> https://coinnetworknews.com/crypto-exchange-bitforex-suspends-withdrawals-following-56-5m-drain-from-hot-wallets/feed/ 0 Bittrex’s U.S., Maltese Arms Processed $425M in Withdrawals Since April 1, Attorney Says https://coinnetworknews.com/bittrexs-u-s-maltese-arms-processed-425m-in-withdrawals-since-april-1-attorney-says/ https://coinnetworknews.com/bittrexs-u-s-maltese-arms-processed-425m-in-withdrawals-since-april-1-attorney-says/#respond Thu, 11 May 2023 08:25:00 +0000 https://coinnetworknews.com/bittrexs-u-s-maltese-arms-processed-425m-in-withdrawals-since-april-1-attorney-says/
Bittrex filed for bankruptcy protection, but says no customer funds were re-used and that liabilities meet assets

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]]> https://coinnetworknews.com/bittrexs-u-s-maltese-arms-processed-425m-in-withdrawals-since-april-1-attorney-says/feed/ 0 Coinbase Works to Fix Wallet Support for Ethereum Staking Withdrawals Stuck in Limbo https://coinnetworknews.com/coinbase-works-to-fix-wallet-support-for-ethereum-staking-withdrawals-stuck-in-limbo/ https://coinnetworknews.com/coinbase-works-to-fix-wallet-support-for-ethereum-staking-withdrawals-stuck-in-limbo/#respond Wed, 10 May 2023 05:59:33 +0000 https://coinnetworknews.com/coinbase-works-to-fix-wallet-support-for-ethereum-staking-withdrawals-stuck-in-limbo/
According to Coinbase’s customer support, “Our systems currently do not support deposits to Coinbase ETH addresses from external validators… Funds may be stuck until we are able to support these transactions.”

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]]> https://coinnetworknews.com/coinbase-works-to-fix-wallet-support-for-ethereum-staking-withdrawals-stuck-in-limbo/feed/ 0 Binance Pauses Bitcoin Withdrawals for the Second Time in 24 Hours https://coinnetworknews.com/binance-pauses-bitcoin-withdrawals-for-the-second-time-in-24-hours/ https://coinnetworknews.com/binance-pauses-bitcoin-withdrawals-for-the-second-time-in-24-hours/#respond Mon, 08 May 2023 03:22:43 +0000 https://coinnetworknews.com/binance-pauses-bitcoin-withdrawals-for-the-second-time-in-24-hours/
The second pause comes less than eight hours after its first pause as the crypto exchange grapples with unprecedented Bitcoin network congestion.

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]]> https://coinnetworknews.com/binance-pauses-bitcoin-withdrawals-for-the-second-time-in-24-hours/feed/ 0 Binance halts Bitcoin withdrawals for the second time in 12 hours https://coinnetworknews.com/binance-halts-bitcoin-withdrawals-for-the-second-time-in-12-hours/ https://coinnetworknews.com/binance-halts-bitcoin-withdrawals-for-the-second-time-in-12-hours/#respond Mon, 08 May 2023 02:58:11 +0000 https://coinnetworknews.com/binance-halts-bitcoin-withdrawals-for-the-second-time-in-12-hours/

Bitcoin (BTC) withdrawals on Binance have again been temporarily shuttered as the crypto exchange claimed it was due to a large backlog of pending withdrawals.

Binance tweeted on May 8 that it closed off BTC withdrawals “temporarily” as there was a “large volume of pending transactions.”

It added the transactions are still pending as its “set fees did not anticipate the recent surge in [Bitcoin] network gas fees.”

The exchange said it was “working on a fix” and withdrawals for Bitcoin would be back “as soon as possible.” It added it was working to “accelerate the confirmation of all pending transactions.”

Earlier on May 7, Binance also had to temporarily suspend Bitcoin withdrawals, claiming there was an overflow of transactions on the blockchain. It reopened withdrawals over an hour and a half later.

At the time, the Bitcoin mempool had a backlog of around 400,000 transactions waiting to be processed. That’s now swelled to nearly 485,000 according to data from mempool.space.

Bitcoin mempool at 2:30 am UTC on May 8. Source: mempool.space

A mempool is an area where transactions on the Bitcoin network “wait” before being verified by each blockchain node.

Cointelegraph contacted Binance for comment but did not immediately receive a response.

Update (May 8, 2:43 am UTC): This article has been updated with additional information from Binance on why it suspended withdrawals.

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