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CZ says funds are ‘SAFU’

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

CZ, who typically lends his opinion to tasks and the market, usually tweets on behalf of Binance to his 6.4 million followers. He shortly up to date the tweet to indicate: 

This is barely impacting the Bitcoin community. You can nonetheless withdraw Bitcoin on different networks like BEP-20.

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

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

“Likely this is going to take a bit longer to fix than my initial estimate. More updates soon. Thanks for your patience and understanding.”

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

Related: In this collectively: Musk and Saylor down a mixed $1.5B on Bitcoin buys

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

Kraken additionally lately allowed its prospects to withdraw funds from accounts immediately, utilizing the LN. In welcome, constructive information, the full variety of Bitcoin on the community lately crossed the 4,000 BTC milestone.