ETH Infrastructure Provider Crashed, Exchanges Stopped Withdrawals

An ETH infrastructure provider has just crashed and most crypto exchanges halted ETH withdrawals so let’s read more about it in our ethereum latest news.

The world’s leading crypto exchanges like Binance temporarily suspended all withdrawals for ERC20 tokens. Huobi and Upbit followed. The issue came after the ETH infrastructure provider Infura experienced problems. The team announced that they are experiencing a service outage for their Ethereum Mainnet API. In a later update, they revealed that they bought additional capacity online for all affected components and are continuing to triage the root cause of the outage.

There was a possible ETH chain split at block 11234873. Etherscan and Blockchair are showing two different chains and data after this block. We’re resolving now but have temporarily closed withdrawals. Funds are #SAFU.

eg,https://t.co/nhaCTcpacuhttps://t.co/bYfVAIkBCx

— CZ Binance (@cz_binance) November 11, 2020

In the latest announcements, Infura revealed that they managed to identify the root cause and are now getting ready to fix the issue. Binance’s CEO revealed that there was an attempt at a chain split on Ethereum at block 11234873. He explained that “etherscan and Blockchain are showing two different chains and data after this block”:

“We’re resolving now but have temporarily closed withdrawals. Funds are SAFU.”

ERc20 tokens deposit and withdrawals resumed.

— CZ Binance (@cz_binance) November 11, 2020

In any case, all of this happened right when Ethereum 2.0 is getting ready for its genesis. There are now over $23.8 million in ETH locked in the depositor contract as Vitalik Buterin staked 3200 ETH himself.

Speaking of Ethereum, ETH is up by around 15% against bitcoin over the past week and the rally showed analysts that right now is the time for altcoins to rally in the upcoming weeks or months. The key technical signs show that ETH will continue to rally against bitcoin and we are reading about the five signs that indicate it. Ethereum started to break higher against Bitcoin while before this, the cryptocurrency was underperforming Bitcoin as it pushed past the key resistance of $12,000 and $14,000 and even further. In the past, many believed that Bitcoin will outperform as it was capturing all of the attention at the capital that investors were investing in the crypto space. The key technical signs showed that ETH will continue rallying against Bitcoin which will be accompanied by a rally in the price of ETH and BTC against the US dollar.

Also as per the ETH news, FC Bayern Munich is the third Bundesliga club that partnered with Sorare that has about 100 clubs now in partnership. The ETH-based fantasy football platform announced a partnership with the FC Bayern Munich club.