Bytecoin saw its value soar earlier this week – and then it disappeared. After a short delay, the team behind Bytecoin have explained what’s been going on…
A bit of a rollercoaster week for Bytecoin, this. It started with its price soaring, after it secured a listing on cryptocurrency exchange Binance. But then the entire Bytecoin network just seemed to disappear. With no obvious explanation, the cryptocurrency was inaccessible, that promptly sent alarm bells and speculation off. Was people’s money safe, and was this all just a scam?
The answer: yes, and no.
Fears that everyone has lost their money have now been settled as the Bytecoin team has released a statement explaining its sudden disappearance. With high profile, it seems, comes an explosion of interest. As the statement revealed, the Binance announcement “was the cause for an explosive amount of user growth and mining activity”. Activity that the network struggled to cope with.
It thus explained that “due to the large amount of miners who were using the old software a bug appeared in the network consensus. That bug was the cause of the network’s instability.”
That’s why Bytecoin came down. The statement took its time coming, it should be noted, but the team behind the currency explained that they wanted to get to the root of the problem before saying anything. An odd approach, given that people’s investments were involved, but it does seem to have moved quickly to resolve issues.
Expect the Bytecoin network to get back to normal over the coming days.
You can read its statement here.