Users Panic as Binance Wallet Shows Zero Balance Amid Network Congestion

The post Users Panic as Binance Wallet Shows Zero Balance Amid Network Congestion appeared first on Coinpedia Fintech News

Binance Wallet recently reported experiencing temporary lag, which affected some users’ ability to view interactive event data. These disruptions followed a major crypto crash on October 10, which saw several altcoins briefly hit zero on the platform.

These issues have caused concern among investors trying to track their assets, with many taking to X to voice the problem.

PeckShield Flags Temporary Glitches 

Blockchain security firm PeckShield flagged that users are experiencing display issues with their Binance wallets. Balances and token prices are showing as zero. The wallet interface appears to be unstable, causing concern among users.

Network Congestion Causes Temporary Delays

Binance Wallet addressed the issue and shared that due to network congestion, their system is currently experiencing temporary delays. 

The team confirmed that the issue is purely related to the display and does not affect any core functions or user balances. Only event data, such as interactive participation details are impacted, and wallet security, balances, or transactions remain fully intact.

System Recovery in Progress

Efforts to resolve the problem are ongoing, and full functionality is expected to return once network conditions stabilize. The team explained that this information needs some time to load and display properly, and reassured users that they are actively working on resolving the issue. 

Users are advised to refresh their wallet interface periodically or wait for the system to stabilize as updates propagate across the network.

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User Reports Losses on Binance Due to Platform Issues

One user reported losing over $130 due to a 3.5% drop in BNB, claiming they were unable to sell because of issues with the platform. The user questioned why sales were conducted in BNB rather than a stablecoin like USDT, noting that users have experienced significant losses on the platform over the past 48 hours, which they consider unacceptable.

The user added that after the TGE ended, many people began selling BNB, but the system was unable to handle the volume, resulting in considerable losses for wallet users.

Trust Wallet Glitch

On October 12th, similar issues occurred in Trust Wallet, where a market data synchronization error caused thousands of users worldwide to see their balances as zero.

However, all assets remained secure on the blockchain, and the display issue was resolved within hours.

These incidents highlight the vulnerabilities in handling extreme market volatility and the importance of robust infrastructure and timely communication to maintain user trust during such times.

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