Bytecoin (BCN), the privacy-centric cryptocurrency that leverages the Cryptonote protocol, was listed on Binance late Monday and has since experienced significant network issues. According to announcements released by both the Binance and Bytecoin teams, the Bytecoin network is experiencing unusually high loads, resulting in significant transaction delay and node synchronization issues.
Bytecoin network is experiencing unusal high load.
Transactions can be delayed, node synchronization can lag far behind.
Team is working hard to solve issues.
It’s strongly recommended to avoid any transferrings of BCN until the situation is taken under control.
We will notify you right after everything will be fixed!
Since the listing announcement, Bytecoin’s price has surged over 100%, bringing the total market cap to a staggering $2.5 billion. However, due to the significant network issues, the price has been highly volatile in recent trading.
Binance’s CEO has also expressed caution to anyone looking to trade Bytecoin while the project deals with the current network problems. Additionally, according to a Reddit post on the Bytecoin subreddit, other exchanges have confirmed that it is definitely a network issue. Polionex has reportedly stated that they are “aware of the root cause of the issue [investors] are experiencing with BCN. Since this is an issue on the developer’s end, we are dependent on an update from them. As soon as we have more information for [investors] we will be in touch!”
We are in communication with the Bytecoin team regarding this issue. Hope it will be resolved soon. Expect high price volatility, trade with caution! https://t.co/w8hYCNMRiq
— CZ (@cz_binance) May 8, 2018