Hey everyone
I'd like to send out a warning to everyone who is planning to jump on IOTA. IOTA has been hot these last few days. The price skyrocketed, and IOTA currently resides in 4th place at CoinmarketCap.
A couple of days ago, I used Binance to exchange some Ethereum into IOTA. Everything went well, until I wanted to withdraw my IOTA to my external wallet. Next to the deposit/withdrawal buttons there was this tiny little exclamation mark. Everyone knows that small exclamation marks are bad news... So was this one.
When I clicked the icon, I could see the following message:
'Network Congestion, Withdrawl Suspend'
And indeed, the withdrawal button was deactivated.
I did some research and found more than one explanation for this...
- Binance has been hacked (the site did act funny last night)
- IOTA has currently suspended transactions due to a bug in their system. There wallet will remain closed until the new version is ready (Doesn't really makes sense - you can use a paper wallet to store your IOTA)
- Binance opens and closes withdrawals at random times every day, because they're overloaded (Personally, I haven't seen the withdrawal button become active a single time)
You can read some Reddit threads with more info on these explanations here:
Has Binance customer support been hacked?
I guess we'll have to wait and see what happens... But until then, I advice you not to buy IOTA through Binance.
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