Binance suffers 3rd-party glitch that impacted withdrawals
By MYBRANDBOOK
Cryptocurrency exchange Binance announced a temporary freeze on withdrawals. The suspension took place across multiple networks as a result of a technical issue by a third-party provider.
However, the exchange further tweeted that the incident was resolved by the team within an hour. Binance also assured users that despite the freeze, funds are “SAFU”, that stands for the exchange’s monetary fund, Secure Asset Fund for Users (SAFU). The fund was created in 2018 by Binance to compensate customers in light of a hack on the exchange.
After questions about the fund from Twitter users, the exchange promptly clarified the purpose and its $1 billion value. This comes only days after Binance recovered and froze nearly $450,000 worth of the stolen assets from the Curve Finance hack.
In June, Binance also halted Bitcoin (BTC) withdrawals due to major network congestion. Binance is the world’s largest crypto exchange and deals with nearly 3.224 million transactions per day.
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