Binance Halts Filecoin (FIL) Withdrawals Over the Weekend

2020-12-14 17:37

Over the weekend, leading spot crypto exchange Binance stopped the withdrawal of the Filecoin (FIL) without any announcement.

Even after 24 hours, it continued to show, “The current currency is not open for withdrawal.”

The exchange finally told its customers that it was due to the sudden failure of the wallet. The weekend was to blame, and Binance has to do internal technical repairs to restore the FIL network mainnet.

“The industry suspects that a large amount of FIL has been lent from Binance before,” tweeted Colin Wu of Chinese publication Wu Blockchain

“Binance Filecoin inventory has been drained it seems like, withdrawal of FIL has been paused for over 24hr now Lots Chinese FIL miners rekt badly and the rough total investment into FIL mining is way over its circulating market cap,” also noted Dovey Wan, the founding partner of Primitive Crypto.

“As total Filecoin investments number floating is over 10b RMB (adding up sales number from all rigs manufactures and sales channel) ~1.5B in USD,” she added.

FIL is the 21st largest cryptocurrency with a $1.34 billion market cap while trading around $30.

The price of the token started uptrending in June this year, when it was trading under $7 only to climb above $56, on the anticipation of its mainnet going live in mid-October.

It was during this time, Coinbase Custody announced support for the cryptocurrency. Last week, Filecoin was also tradeable at Coinbase.com and on the San Francisco-based cryptocurrency exchange’s Android and iOS apps.

Our FIL-GBP order book is now in full-trading mode. Limit, market and stop orders are all now available. https://t.co/bo79aiWjIZ

— Coinbase Pro (@CoinbasePro) December 11, 2020

Last week, Coinbase also allowed people to earn up to $6 in FIL tokens through its Earn program.

Filecoin is a decentralized peer-to-peer file storage network that was initially released more than six years back. The project aims to let anyone store, retrieve, and host information, and for this service, FIL tokens are used as payment.

In other news, YUANLIQU, one of China's largest Filecoin companies, has been reportedly frequently attacked by investors to defend its rights in its Shanghai office because “too many Filecoin mining machines are sold, but the profit design is confusing. The police have stepped in.”

The post Binance Halts Filecoin (FIL) Withdrawals Over the Weekend first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 29.42 (-100%)

weekend binance withdrawal filecoin fil show continued

weekend binance → Результатов: 42


Binance Coin Rollercoaster Continues: BNB Records Moderate Gains As BTC And Other Altcoins Continue Consolidating

The weekend was characterized by little volatility. Bitcoin and altcoins recorded some gains but corrected downwards in no time. On Monday, cryptocurrencies started the week with modest losses. Bitcoin and other coins are consolidating at press time, but for Binance token (BNB) which is recording slight gains among the top 10 cryptocurrencies.

2019-7-23 17:06


Blockchain Week Rome: All the news about the biggest Italian dedicated to cryptocurrency and blockchain

The Summit weekend ok Blockchain Week Rome will be an opportunity without precedents to experience the cryptocurrencies world. For the first time in Italy, guests from the most important companies in the world, such as Binance, Tron and Zcash, will join the experts of Italian country, the Institutions, and the communities, with a series of […] The post Blockchain Week Rome: All the news about the biggest Italian dedicated to cryptocurrency and blockchain appeared first on AMBCrypto.

2019-6-6 11:30


Bitcoin News (Dec 15): See This Weekend’s Top Crypto Stories and Blockchain Headlines [VIDEO]

Binance Continues to Hodl Down the Bitcoin Space by Expanding Its Crypto Incubator Program Binance Continues To Hodl Down The Bitcoin Space By Expanding Its Crypto Incubator Program OpenSea Marketplace Expands its Crypto Portfolio with ETH-Based Atomic Bazaar Acquisition OpenSea Marketplace Expands Its Crypto Portfolio With ETH-Based Atomic Bazaar Acquisition OAX and Enuma Surpass 1,000 […]

2018-12-16 19:25