You have confirmed that you are aware of the current withdrawal issues on the Solana network and that withdrawals have been temporarily halted.
- As part of its assistance to the project team in overcoming the issues, Binance stated.
- At the time of writing this article, no further information was available.
- According to Binance: “Depending on network circumstances, SOL withdrawals may be temporarily halted. We sincerely apologize for any inconvenience. If you have any questions about the Solana network, please do not hesitate to contact customer service.”
- However, this is not the first time that Binance has experienced difficulties with Solana withdrawals. As a result, the platform suffered continuous interruptions.
- As Binance has previously stated, the network had become overloaded as a result of an increase in high-performance computing transactions. Its transactional capacity was limited to a few thousand transactions per second. Some users experienced transaction failures.
- Over the past year, there have been several outages on the Solana network. According to the developers, this was caused by an overwhelming amount of traffic on the blockchain.
- It comes at a time when the cryptocurrency industry is still struggling, with SOL, the sixth-largest cryptocurrency by market cap, down more than 5 percent in the last 24 hours alone.
- According to the most recent figures from Coinglass, SOL has suffered a net loss of almost $25 million in liquidation in the last 24 hours. At the time of writing this article, its value was $117.