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Binance closes Bitcoin withdrawals as the Bitcoin network is experiencing a congestion issue, possibly because someone is trying to raise transaction fees via spam attack

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by COINS NEWS 106 Views

Binance closes Bitcoin withdrawals as the Bitcoin network is experiencing a congestion issue, possibly because someone is trying to raise transaction fees via spam attack

Binance just temporarily closed Bitcoin withdrawels as the Bitcoin network is experiencing a congestion issue. They are working on a fix until the network is stabilized and will reopen the withdrawals as fast as possible. They urge that the funds are SAFU.

https://preview.redd.it/hqb9pg7mffya1.png?641&format=png&auto=webp&s=d3f999ec9aca17aa6b7419c022d96940b181eceb

There's some speculation this is because someone is trying to raise Bitcoin transaction fees via a spam attack. Thousands of transactions are being sent. These transactions are all 546 sats, which is worth $0.16, while paying more than $10 in transaction fees.

https://preview.redd.it/gljsmgmyffya1.png?684&format=png&auto=webp&s=e1e59279a23220f2e6910c0ab2901b6d649b4d7b

On the bright side. This increases Bitcoin miner revenue! Spam attacks should always only be temporary because at some point the spammer will run out of Bitcoin to use. The spammer just paid $53 fee for sending $4 worth of Bitcoin.

https://preview.redd.it/5wmnwnz2gfya1.png?642&format=png&auto=webp&s=86b5e5006809462c9a383304de9c3eacaa2a122a

Why would someone do this!? Has this happened before?

submitted by /u/Beyonderr
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