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Ethereum [ETH] ERC20 token deposits restored on Binance after shutdown; users praise CZ

Akash Anand

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Ethereum [ETH] ERC20 token deposits restored on Binance after shutdown; users praise CZ
Source: Unsplash

Just yesterday, October 25, Binance, the world’s largest cryptocurrency exchange in terms of volume, had announced that the platform was undergoing some problems in the deposit process of ETH/ERC20 tokens.

On October 20, Changpeng Zhao or CZ, the CEO of Binance, assured users that the issue was not very grave and that the problem lies in the fact that the number of transactions and addresses on the platform had grown exponentially.

He also pointed out that such a shutdown was expected as most wallets are not equipped to deal with such mammoth amounts of transactions, and further added that Binance was doing everything in its power to fix the problem.

CZ's tweet | Source: Twitter

CZ’s tweet | Source: Twitter

Post CZ’s announcement, a lot of cryptocurrency enthusiasts had their own opinion on the problem, with DCFreak, a Twitter user stating:

“delist all ERC20 tokens espz!”

Another Twitter user, RockstarToken said:

“We love you @cz_binance. You’re awesome. You guys are doing a great job. No worries. With complexity and variables… all we can do is roll with it.”

Binance users heaved a sigh of relief when CZ announced just 14 minutes after his previous tweet that the issue was fixed and there shouldn’t be any problem with the ERC20 tokens.



CZ's tweet | Source: Twitter

CZ’s tweet | Source: Twitter

The timing of this shutdown is quite coincidental, happening just a day after CZ and Binance spoke at the World Investment Forum. During the conference backed by the United Nations, CZ spoke about how cryptocurrencies can solve the issue of transparency, with the added advantage of faster and more seamless transactions. He said:

“The world of blockchain technology has a lot of use cases and has to be remembered by everyone. Personally, I believe that with better transparency, we can have 100 times better results.

The Binance official also stated that the absence of achievement, tangibility, and purpose will be overturned by the use of technology. Zhao had gone on to say that:

“Moving money to deal with social problems is also another way to increase adoption. The sheer number of people who have donated to the BCF is also amazing, and I would like to thank Justin Sun, who donated $3 million to this cause.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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