Coinatory warned it’s readers about Bytecoin in this article
Yesterday, the relatively unknown anonymous cryptocurrency Bytecoin (BCN) unexpectedly soared 166% immediately after its placement on one of the largest Binance currency exchange exchanges, becoming the hero of the news headlines. The coin went immediately to the 15th place in the CoinMarketCap rating, however, for a short time the music played…
At the moment, information about Bytecoin can no longer be found on CoinMarketCap and other similar websites. People who believed in BCN, were shocked because for more than 20 hours they cannot enter and withdraw funds, – writes forknews.
Current events have generated a lot of speculative theories. Someone is sure that BCN is a scaffold, and others believe that the cryptocurrency market has collapsed because of too strong a pump with a subsequent dump after adding a coin to Binance, “bitjournal.media notes.
The price hike of Bytecoin was provided by the inflow of investors’ funds, but immediately after that, the network collapsed, which many regarded as intentional fraud.
Many market observers believe that this cryptocurrency is a fraud, and was created only for the purpose of luring funds from unsuspecting crypto-enthusiasts. In favor of this theory is the fact that at the moment of getting into Binance lists, the platform simply stopped coping with the increasing number of transactions.
The representatives of Bytecoin themselves made a not very clear statement, in which they tried to justify themselves, pointing to the “unusual load of the system”: “The Bytecoin network experiences an unusual load of the system. Transactions can be postponed, the synchronization of nodes can significantly lag. Our team is working hard to find a solution to the problem. We strongly recommend that you refrain from any operations with BCN until the situation is under control. We’ll let you know as soon as everything is ready! ”
Binance, which yesterday increased the volume of trading Bytecoin, also tried to calm the users by saying: “Due to problems with the BCN network, the input and output of funds can be seriously delayed. The Bytecoin team is working on solving the problem. Please do not forget about the possible high volatility and trade with caution. ”
CoinMarketCap writes the following: “The BCN wallet does not work. All deposits and withdrawals are turned off. ” Poloniex: “We disconnected all the deposits and conclusions of Bytecoin, while the network is experiencing difficulties. Stay in touch”. These explanations do not satisfy users, many traders lost huge amounts of money due to sudden problems with the system, writes ethereumworldnews.