Binance Mistake on Bitcoin Taproot Upgrade, Blames Users Instead of Refunds.

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Just recently a few weeks ago, Bitcoin Network Upgraded to Taproot which was Implemented on 14th November.

After the upgrade was successfully completed, Binance Notified Users through their news Article and other Different Networks about the upgrade and binance support for Taproot Network.

While Users trying to Withdraw their Bitcoins out of Binance through P2TR Address which eventually Burns Users Fund (Transfer to Other Bitcoin Address)

Murch tweeted about this issue here :

While this binance should Be completely responsible for this issue as the mistake is from Binance’s end and not from users end. Binance help desk refuses to provide any assistance or refund other than blaming users.

While Binance through their Article mentioned that

“Binance will handle all technical requirements involved for all users holding BTC in their Binance accounts”

Article Link : https://www.binance.com/en/support/announcement/8578eea0104f439c85f50fbdc99bf7c2

While As per Binance Upgrade Notice, it should completely be Binance Responsibility to Refund Users Fund Who are affected By this Issue. Share this article to aware crypto Community who aren’t aware of this.

About taproot Upgrade

Taproot is a Bitcoin network upgrade that went live on November 14, 2021, and is currently in use. As with Schnorr signatures, one of the most eagerly awaited Bitcoin technology breakthroughs since the debut of SegWit is the introduction of Taproot.

In the bitcoin realm, privacy, scalability, and security are all important considerations. However, even though Bitcoin is the world’s most commonly used cryptocurrency, these issues must be addressed. Exactly that is what the Taproot initiative is attempting to accomplish

Taproot’s objective is to improve the privacy, scalability, and security of Bitcoin’s scripts by using new technologies. Combining Taproot with a related upgrade known as Schnorr signatures makes all of this possible, as well as other features.

7 COMMENTS

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