Hey everyone
I'd like to send out a warning to everyone who is planning to jump on IOTA. IOTA has been hot these last few days. The price skyrocketed, and IOTA currently resides in 4th place at CoinmarketCap.
A couple of days ago, I used Binance to exchange some Ethereum into IOTA. Everything went well, until I wanted to withdraw my IOTA to my external wallet. Next to the deposit/withdrawal buttons there was this tiny little exclamation mark. Everyone knows that small exclamation marks are bad news... So was this one.
When I clicked the icon, I could see the following message:
'Network Congestion, Withdrawl Suspend'
And indeed, the withdrawal button was deactivated.
I did some research and found more than one explanation for this...
- Binance has been hacked (the site did act funny last night)
- IOTA has currently suspended transactions due to a bug in their system. There wallet will remain closed until the new version is ready (Doesn't really makes sense - you can use a paper wallet to store your IOTA)
- Binance opens and closes withdrawals at random times every day, because they're overloaded (Personally, I haven't seen the withdrawal button become active a single time)
You can read some Reddit threads with more info on these explanations here:
Has Binance customer support been hacked?
I guess we'll have to wait and see what happens... But until then, I advice you not to buy IOTA through Binance.
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I am a little late to the IOTA game but have noticed the same thing. I decided to cut my loses and trade off my IOTA coins for fear of losing my complete investment. After research and finding out the makers of IOTA can stop trade at anytime, I sorta feel like they are a scam. On top of that, most of Thier rumored partnerships are just that... rumors.
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Mabe I should do the same... I have to check into that
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FYI, I picked up LEND, GAS, XVG, XRP, TNB, ARN after I sold 1/2 of my IOTA. All are up to some degree. Might be newbie luck, lol
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Wish I had read this before hoping over to Binance for iota
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