Binance Exchange, the largest crypto trading platform in the world, announced the temporary suspension of Bitcoin (BTC) withdrawals on its platform. According to the tweet containing the update, the exchange said the reason for the suspension is due to congestion on the Bitcoin network.
Typically, periods of network congestion can cause traders a lot of discomfort as deposit and withdrawal requests usually take a considerable amount of time before being processed. Binance’s suspension of withdrawals is seen as a way to save its users from this stress until the congestion is cleared.
As revealed, Binance said that one of its dedicated teams is “currently working on a solution until the network is stabilized and reopened $BTC Payouts as soon as possible.
The fact that Binance has earned a reputation as the largest exchange with the most liquidity, as evidenced by evidence of reserve assets, has helped maintain calm in the community. Binance maintained its leading role in the industry despite the record list of PEPE and Floki Inu memecoins over the weekend.
However, with the continued congestion, questions about the health of the Bitcoin protocol have surfaced in the industry.
Possible cause of bitcoin overload
Hours before the Binance exchange reported the withdrawals halted, a Twitter user @proofofjogi, who doubles as a key node operator, confirmed that Bitcoin was under a DOS attack. According to him, “high transaction fees are the attacker’s chosen pain point, likely to render bitcoin unusable for smaller players.”
According to Jogi, the mechanism of the attack seems to be ordinal numbers Shitcoining and according to his predictions, the whole attack may just begin.
Bitcoin is known as the most versatile protocol in the blockchain ecosystem. This recognition could soon be erased as some smart contract features are currently being built on the network. These smart contracts have many attack vectors that can largely compromise the integrity of the network, as is currently the case.
Overall, bitcoin price remains unimpressed as is change hands at $28,941.90, up 0.71%. At the time of writing, the exchange announced that it has resumed bitcoin withdrawals.
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