Crypto’s Black Monday continues to wreak havoc. Changpeng “CZ” Zhao, CEO of crypto trade Binance, tweeted that there could be a short lived pause on Bitcoin (BTC) withdrawals.

Short-term pause of $BTC withdrawals on #Binance attributable to a caught transaction inflicting a backlog. Needs to be fastened in ~half-hour. Will replace.

Funds are SAFU.

— CZ Binance (@cz_binance) June 13, 2022

CZ, who usually lends his opinion on initiatives and the market, frequently tweets on behalf of Binance to his 6.4 million followers. He shortly up to date the tweet to state:

“That is solely impacting the Bitcoin community. You may nonetheless withdraw Bitcoin on different networks like BEP-20.”

“SAFU” is a meme that performs on the phrase “protected,” first appearing in a YouTube video from 2018. It additionally refers to Binance’s buying and selling safety fund, the Safe Asset Fund for Customers (SAFU). The fund was constructed through the earlier bear market, however in gentle ofCelsius’ potential insolvency,buyers could also be proper to boost the alarm.

Based on a follow-up tweet, the trade setback could also be worse than first thought:

“Doubtless that is going to take a bit longer to repair than my preliminary estimate. Extra updates quickly. Thanks on your endurance and understanding.”

Binance’s official Twitter account confirmed the delay, suggesting that the problem was attributable to a “caught on-chain transaction.” Based on some commentators, the Lightning Community on Bitcoin would have averted such a difficulty.

On this collectively: Musk and Saylor down a mixed $1.5B on Bitcoin buys

Certainly, regardless of Binance’s measurement and international presence, it has but to maintain up with its opponents concerning Lightning integration. Sam Bankman-Fried, CEO of competitor trade FTX, not too long agotweetedthat he would encourage builders to work on integrating the layer-2 protocol into the trade, whileCoinbase and Binance lag behind.

Kraken additionally not too long ago allowed its clients to withdraw funds from accounts immediately, utilizing the Lightning Community. In welcome, optimistic information,the entire quantity of Bitcoin on the community not too long ago crossed the 4,000 BTC milestone.