Rush to Bitcoin Cash Causes Exodus Wallet to Suspend BTC Trading Pairs – Technology Bitcoin News

Wallet software platform Exodus suspended exchange functions for Bitcoin trading pairs over the weekend after a rush for Bitcoin cash caused major overloads. In a public letter to its customers, the company explains why the decision was made and what changes are pending.

Also read: Exodus integrates Bitcoin Cash into its multi-asset wallet

Exodus suspends functionality for BTC trading pairs

Torsten Sandor, Exodus’s Chief Communications Officer (CCO) said: “We believe in 100% openness and transparency. We are posting this statement on Medium for you to add your thoughts. We are here, we listen and we want to do this right. “

Bitcoin cash broke in three days. The price skyrocketed, prompting many to either sell their existing coins or buy new ones. Either way, Exodus meant a big headache.

“Bitcoin Cash’s parabolic surge had a serious impact on the Bitcoin network,” the company claimed. “Given the price spike, many of the miners left the Bitcoin network and started mining Bitcoin Cash. BTC transactions stalled. Bitcoin transactions usually take 5 to 20 minutes, but this weekend we’ve seen transaction times of up to 12 hours. “

Rush to Bitcoin Cash causes Exodus Wallet to suspend the exchange function for BTC trading pairs

Many analysts concluded that the inverse relationship between the decline in Bitcoin’s price over that period and the rise in Bitcoin cash was due to the pending cancellation of the pending Bitcoin hard fork.

“Usually about 20% of miners work with Bitcoin Cash and 80% with Bitcoin,” the letter continued, “but this weekend BCH had more than two-thirds of the mining power. At the time of writing this update, there are still 135,000 unconfirmed transactions on the Bitcoin blockchain, roughly five to ten times the normal rate. This is the second worst congestion on the Bitcoin network in 2017, ”the letter emphasized.

The letter states, “When the Bitcoin network slowed dramatically, we saw these exchanges fail, and at the height of the congestion, a third of all exchanges were unsuccessful.”

The suspension of their app’s exchange trading pairs took place on November 12, 2017 at 6:40 UTC due to “exchanges that failed at an unacceptable rate”, according to the company.

The decision and its consequences

Exorbitant transaction fees didn’t help the company’s margins either.

Exodus “received over 1500 support tickets worth about 2 weeks over the weekend.” They were able to recover about 60 percent of the requests with “341 unanswered tickets and 198 tickets for which the solution has not yet been reached”.

At this point, customers wanted to be sure that their money wasn’t trapped in some kind of blockchain hell and couldn’t be recovered. Exodus assures that their decision to suspend such a disaster has been averted.

Rush to Bitcoin Cash causes Exodus Wallet to suspend the exchange function for BTC trading pairs

The company undertakes to contact each affected customer within two days. In addition: “In the next 24 hours we will consciously use transaction boosting services in order to accelerate your transactions. We’ll cover all of the associated costs, ”they wrote.

Going forward, the company plans to hire more engineers, add warnings about price increases, and offer more replacement options.

“We know many of you feel that Exodus let you down at this crucial moment. We sincerely apologize. “

What do you think of the predicament of Exodus? Tell us in the comments below!

Images courtesy of: Pixabay, Exodus.

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