Amid crypto meltdown, Binance pauses bitcoin withdrawals citing 'stuck transaction'

moneycontrol.com:

As the crypto meltdown continues, leading exchange Binance on June 13 said it was halting the withdrawals of bitcoin, the most widely traded cryptocurrency, due to a "struck transaction" that has led to a backlog.

Binance founder and CEO Changpeng Zhao, in his initial tweet, said the issue would be resolved within 30 minutes. He, however, later clarified that the withdrawals will remain paused for a "bit longer" period.

"Likely this is going to take a bit longer to fix than my initial estimate," he said.

This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20.

Likely this is going to take a bit longer to fix than my initial estimate. More updates soon. Thanks for your patience and understanding

In his tweet, the Binance chief noted that funds are "SAFU", an acronym that stands for 'secure asset fund for users'. This fund was set up by the crypto exchange in 2018 to safeguard the users.

The development comes on a day when the crypto market tumbled further, below $1 trillion for the first time since January 2021. The cumulative market value dipped to as low as 926 billion, according to the data site CoinMarketCap.