Ethereum experienced Technical Delays as Binance temporarily disabled Withdrawals

Binance temporarily disabled Withdrawals

November 13, 2020

Reading Time: 2 minutes

Infura, the renowned  infrastructure service provider experienced a technical delay from a potentially contingent hard fork within the blockchain of “ETH”. The ETH infrastructure “Infura” experienced a delay within the price feed of ERC-20 and that of ETH. Today morning the exchange platform had their withdrawals disabled for an appreciable duration.

At exactly 15:53 UTC, the management discovered the situation and the exchange platform was operational. ETH management spokesperson reported that the problem had been as a result of an outage. He added that certain services had been delayed; however, the major cryptocurrency exchange Binance only had a temporary delay in the withdrawal activities.

Nikita Zhavoronkov, one of the renowned crypto analysts, through a tweet, stated that the management at the crypto exchange are probably running their nodes, this meant that they had to delay or stop the withdrawals in the event of a chain split against the external nodes. The tweet added that the management might not be sure if they are on the minority fork.

Infura brushed it that, this was just a small technical issue. They added that the traders should be patient with them as they continue to resolve the situation. They have further promised a full post-mortem once the issue has been resolved.

Pol Lanski, a tech team member at Hermes Network, talked of the dangers of a centralized management system. Lanski stated that putting full trust in a single party as your overall service provider is like abusing the advantages that decentralized systems have put in place.

Lanski added through an email that, when adding a new market on top of a blockchain, its resilience should be the critical focus to ensure that any future risks associated with it are decentralized. He insinuated that; a robust system should have other nodes as their incentives to enable the services to proceed in case of a breakdown in one.

Ben, the CEO at im Token, added on the same note that, decentralization in the crypto space is usually the most robust technique since it gives the users a chance to be in full control.

 

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