Issues with the Binance Wallet’s balance display have persisted following a significant market downturn. This problem emerged shortly after the Trust Wallet, another product owned by Binance, reported similar disturbances.
Binance Wallet confirmed on X (formerly Twitter) that it was facing temporary lag issues, a result of network congestion that prevented users from accessing specific wallet data. They stated:
“This information requires some buffering time to display. We are actively working on resolving this issue.”
Additionally, Binance linked comparable display issues to pricing anomalies impacting various altcoins following Friday’s crash.
Inability to Execute Transactions
Although the statement from Binance Wallet did not specify if these display issues affected transactions, users reported being unable to manage their assets. One user expressed frustration:
“I’ve incurred a loss of over $130 due to a 3.5% drop in BNB, and I couldn’t sell because of issues with your platform. Who is responsible for this?”
Concerns were also raised regarding the liquidity of Binance’s native token, BNB, which reached an all-time high of $1,370 on Monday.
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Source: Binance Wallet
The problems at Binance Wallet coincided with issues faced by Trust Wallet, which is headed by Changpeng “CZ” Zhao. Trust Wallet acknowledged that some users were unable to view their balances due to a market data sync problem but claimed to have resolved it after a few hours.
Trust Wallet’s Market Data Sync Challenges
Dami Odufuwa, Trust Wallet’s communications head, noted that despite the display troubles, users could still swap and stake their assets as everything remained secure. She explained that the issue primarily affected the visibility of fiat balances.
Moreover, Lucien Bourdon, an analyst from Trezor, attributed the balance display problems to intense stress on pricing and oracle servers due to record liquidations amidst the market chaos, emphasizing the importance of checking balances via a blockchain explorer during such instances.
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Source: Changpeng “CZ” Zhao
While Binance Wallet and Trust Wallet have reported unique display issues, no evidence suggests other wallets are experiencing similar problems. Binance Wallet has so far not commented on requests for more information.
