According to crypto journalist Colin Wu, Binance has temporarily halted Solana withdrawals and the Ape lending tool. Withdrawals on the Solana (SOL) network have been halted a few times since April 25, according to Binance’s website.
It explains why this is so: “This is due to the enormous volume of withdrawals caused by blank transaction IDs. The associated withdrawal requests would be refused if it was confirmed that the on-chain transactions had failed. It takes at least four hours to complete the operation.”
Binance says it is actively working with the project team to provide a solid, long-term solution to reduce transaction failures and improve the user experience and that it will offer updates as needed.
The APE loan feature was also suspended by the largest crypto exchange, claiming high demand and an insufficient amount of APE available for lending. During a tumultuous 24 hours, futures tracking ApeCoin’s APE tokens lost roughly $40 million in liquidations, according to Coinglass statistics.
Liquidations happen in the crypto market when a trader does not have enough cash to cover a margin call, which is when an exchange asks for more collateral to keep the trading position financed. On Thursday, APE prices climbed to a high of $27.62, up from a low of $19.11 the day before.
However, profit-taking caused the APE token to drop to $20.51 on the FTX platform on Friday. As several crypto assets have lost value, Bitcoin (BTC) and Ether (ETH) have both dropped over 3% in the previous 24 hours.
The popular Bored Ape Yacht Club (BAYC) ecosystem’s virtual land sales began before APE’s current surge to all-time highs. According to the developers, the virtual land would be auctioned for a set price of 305 APE, which may have bolstered APE demand among dealers. The land was meant to be auctioned off in the Netherlands. Since mid-April, when it was about $11, the price of APE has more than quadrupled, with higher volatility driving up trading volume on the token’s futures.
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