Binance, the world's largest crypto exchange, temporarily paused bitcoin (BTC) withdrawals Sunday morning U.S. time as the Bitcoin blockchain became overwhelmed with pending transactions and sky-high fees.
The company resumed withdrawals within two hours of its initial Twitter posting about the withdrawals.
On-chain data shows that there are nearly 400,000 unconfirmed Bitcoin transactions, which is higher than anything seen during the bull runs of 2018 and 2021.
The average transaction fee has also doubled since March, pushing it to a two-year high. The current transaction fee is just over $8, a 309% change from a year ago.
“This current fee spree is an anomaly,” CoinDesk previously quoted Colin Harper, head of content at Luxor Technologies, a full-stack Bitcoin mining pool. “Biggest difference now between this jump in transaction fees and past ones with inscriptions is that BRC-20 standard is a new way to inscribe. Adoption of this standard is driving fees up.”
Bitcoin ordinal inscription tokens, known by its BRC-20 standard designator, currently have a market cap of $482 million across 14,000 tokens.
Bitcoin is currently trading at $28,935, down 0.15% in the last 24 hours.
North Korean hackers, posing as journalists, escalate cyber threats by targeting nearly 1,500 South Korean officials in a sophisticated phishing campaign, compromising crypto accounts, and deploying mining malware, prompting urgent calls for enhanced cybersecurity measures.
JasperKuCoin, a leading cryptocurrency exchange, introduces KuCard, a Visa-powered crypto debit card that transforms digital assets into everyday spending power.
JoyNetflix director Carl Erik Rinsch diverts $4 million from Conquest series budget to invest in Dogecoin, yielding a $27 million windfall, prompting a $14 million dispute with Netflix.
JasperBinance admits guilt, settles $4.3 billion charges for neglecting illicit transactions, including child pornography, prompting CEO resignation and condemnation from US Treasury Secretary Yellen.
Hui XinThis incident follows a string of exploits related to Justin Sun, who just saw Poloniex suffer a $100 million hack this month.
DavinXapo Bank, under CEO Seamus Rocca's leadership, strategically navigates Latin America's evolving crypto landscape, capitalizing on grassroots adoption in countries like Argentina and Mexico by offering secure access to digital assets, addressing financial challenges, and revolutionizing remittances through stablecoins.
JasperKraken's co-founder, Jesse Powell, recently discussed the enduring struggles within the cryptocurrency industry amidst emerging threats to its reputation. He referenced Binance's historic $4.3 billion fine settlement with the U.S. Department of Justice and the U.S. Securities and Exchange Commission's (SEC) recent lawsuit against Kraken, illustrating the volatility faced by industry players.
JoyFTX founder Sam Bankman-Fried faces denied bail in the midst of legal turmoil following a fraud conviction.
Hui XinAlready, Italy, Croatia, Poland, Portugal, Slovenia, Luxembourg, and Romania have committed to the Europeum plan, with Belgium slated to host the project's headquarters.
BrianIn the aftermath of Binance facing a monumental $4 billion fine for alleged involvement in Hamas financing, Sean Chen, Chairman of Taiwan's Appacus Foundation, asserts that this landmark penalty underscores the crucial need for legal frameworks in the digital finance realm. Chen, who is also a Taiwanese political figure and financial expert, contends that the incident not only signals the paramount importance of legal structuring in digital finance but also marks the industry's entry into a new era of legal scrutiny and order.
Joy