Bytecoin [BCN] freezes on all platforms after being listed on Binance – Market speculates it to be a scam
Bytecoin [BCN] made history yesterday by gaining more than 166% within few hours after being listed on top exchanges like Binance and Poloniex. The coin has no data and withdrawals and deposits have been stopped for the past 20 hours. A lot of investors have lost thousands of money due to the error and has created a major FUD and FOMO in the market.
There are a lot of speculations going around on as to why the coin is not appearing on either of the platforms. Some people believe that the coin was a scam and some people believe that the BCN market has crashed due to the high pump and dump of the coin after being listed on Binance.
According to CoinMarketCap, Bytecoin [BCN] was ranking on the 15th position yesterday and has dropped to 1594 rank. The portal has no track on the current price, market volume, and market cap.
Based on the available date on CoinMarketCap, Binance has the highest trading volume when compared with Bitcoin [BTC]. The current volume is approx. around $567 million. But, on Binance platform, BCN is on top with a decline of more than 86%.
The Bytecoin team has given an official statement regarding the unexpected issue on their official website and Twitter. Investors even tried to reach out to the developer’s team but haven’t received any response from them yet.
Bytecoin’s official Twitter page says:
“The network is experiencing unusual high load. Transaction can be delayed, node synchronization can lag far behind. The team is working hard to solve this issue. It’s strongly recommended to avoid any transferring of BCN until the situation is resolved.”
Binance official Twitter Page says:
“Due to Bytecoin network issues, deposits and withdrawals are experiencing severe delays. The Bytecoin project team is working to resolve the issue. Please be cautious of high price volatility and trade with caution.”
“BCN is currently under maintenance or experiencing wallet issue. All deposits and withdrawals are disabled.”
Poloniex exchange platform has also given an official statement regarding the same:
“We have disabled Bytecoin deposits and withdrawals while the network is experiencing issues. Stay tuned.”
Dutch Buc, a Twitterati says:
“CZ why didn’t you freeze the trades when BCN hit the 1 dollar and/or .20 cents? You stated earlier that you have monitoring tools that detects this kind of price jumps. The price of BNC was 10/20x the price compared to other exchanges. It looks like you/ BNC set up a scam.”
Ryan Jones, another Twitterati replies to Binance:
“Would you please explain how BCN met the criteria of being listed on Binance? I’d love to give Binance the benefit of doubt, but just don’t see a logical explanation other than shadiness. BCN a top 10 coin?! C’mon!”
Adarail, a Redditor says:
“What did you expect? I kept seeing people saying it would hit a dollar next, WE’RE GOING TO THE MOON! etc. What did you think would happen once Binance re-enabled deposits (they did btw)? The price jump was unnatural and unsustainable. Do you think it’s normal for one market to be trading so insanely high compared to other markets?”
CryptoTransormation, another Redditor says:
“It’s really hard to feel much sympathy when these people spend thousands of dollars on random cryptocoins, yet have no idea what a market cap is or how to calculate the potential for a coin/token to rise in price. I mean come on, if you want to lose money, go gamble at a casino. If you are interested in Crypto, “EDUCATE YOURSELF” about market caps and basic trading/investing knowledge”
MacForce1, a Reddit user says:
“Network traffic is real. Listing Bytecoin on Binance caused a surge in traffic slowing down the network so far as to halt BCN withdrawals. It will be restored shortly. Binance listings lead to strong price surges on Binance and on other exchanges. Although, the withdrawal capability freeze from network overload creates imbalance such that Binance listing is much greater than other exchanges.”