Binance Wallet glitch shows $0 balances after weekend chaos
Binance Wallet is incorrectly displaying users’ balances as $0 after “network congestion,” following this weekend’s $400 billion crash in the global crypto market, caused the platform to lag.
Users reportedly can’t view “interactive event information,” such as account balances and prices.
Binance claims that these problems are “purely display-related,” and that “no core functions or user balances are affected.”
It described the lag as “temporary.”
Read more: Traders blame CZ for ending BNB memecoin season
Engineers are reportedly working to fix the situation and restore the software’s real-time updates once network conditions stabilize.
Network congestion can be caused by limited bandwidth or hardware limitations. However, given the weekend’s events, a spike in user demand and traffic is the likely culprit.
Crypto crash has Binance on the ropes
Wallet complications are just an unwanted cherry on the cake for Binance after the market crash caused issues for its Binance Earn program.
Indeed, three Binance Earn assets, USDE, BNSOL, or WBETH, depegged during the chaos and caused issues with transactions.
Binance apologized for this, and users holding these assets were compensated collectively to the tune of $283 million.
Read more: Is Aster just CZ taking Binance on-chain?
Binance’s Chief Customer Service Officer, Yi He, also apologised for the issues users experienced, and attributed it to “significant market fluctuations,” and a “substantial influx of users.”
Some Binance altcoins also plummeted in price, with Cosmos and IoTeX briefly dropping to $0. The tokens reportedly fell in price on other exchanges, but nowhere near as dramatically as they did on Binance.
Some analysts believe this was the result of Binance auto-liquidating tokens tied to collateral, while others suggested that market makers, such as Binance’s Wintermute, turned off liquidity bots and left altcoins without buying orders.
The crypto crash began on October 10 and saw the industry’s global market cap fall by over $400 billion in hours.
Almost $20 billion in crypto positions were liquidated, and bitcoin fell by over 15%.
Protos has reached out to Binance for comment and will update this piece should we hear anything back.
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