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CZ says funds are ‘SAFU’

Crypto’s Black Monday continues to wreak havoc. Changpeng Zhao, the CEO of crypto trade Binance, tweeted that there can be a brief pause on Bitcoin (BTC) withdrawals.

CZ, who often lends his opinion to projects and the market, frequently tweets on behalf of Binance to his 6.4 million followers. He shortly up to date the tweet to point out: 

That is solely impacting the Bitcoin community. You may nonetheless withdraw Bitcoin on different networks like BEP-20.

SAFU is a meme that performs on the phrase ‘protected,’ first showing in a Youtube video three years in the past, whereas it additionally refers to Binance’s buying and selling safety fund, the Safe Asset Fund for Customers (SAFU). The fund was constructed throughout the earlier bear market, however in mild of Celsius’ apparent insolvency, buyers could also be proper to boost the alarm.

In a follow-up tweet, the trade setback could also be worse than first thought:

“Probably that is going to take a bit longer to repair than my preliminary estimate. Extra updates quickly. Thanks on your persistence and understanding.”

Binance official Twitter account confirmed the delay, suggesting that the difficulty was resulting from a “caught on-chain transaction.” For some commentators, the Lightning Community on Bitcoin would have averted such a problem.

Associated: In this together: Musk and Saylor down a combined $1.5B on Bitcoin buys

Certainly, regardless of Binance’s measurement and international presence, it has but to maintain up with its opponents relating to Lightning integration. Sam Bankman-Fried, head of competitor FTX trade lately tweeted he would encourage builders to work on integrating the layer-2 protocol into the trade however Coinbase and Binance lag behind.

Kraken additionally lately allowed its clients to withdraw funds from accounts instantly, using the LN. In welcome, optimistic information, the entire variety of Bitcoin on the network recently crossed the 4,000 BTC milestone