Wallet software platform Exodus suspended exchange features for bitcoin trading pairs over the weekend, after a rush to bitcoin cash caused major congestion. In a public letter to its customers, the company explains why the decision was made and the changes going forward.
Exodus Suspends Feature for BTC Trading Pairs
Torsten Sandor, Chief Communications Officer (CCO) for Exodus explained, "We believe in 100% openness and transparency. We are posting this statement on Medium, so you can add your thoughts. We are here, we are listening, and we want to make this right."
In three days time, bitcoin cash went on a tear. Its price skyrocketed, causing many to either sell their existing coins or purchase them anew. In either case, it meant a major headache for Exodus.
"The parabolic rise of Bitcoin Cash had a serious impact on the Bitcoin network," the company claimed. "Seeing the price surge, many of the miners abandoned the Bitcoin network and started mining Bitcoin Cash. BTC transactions were grinding to a halt. Bitcoin transactions normally take 5–20 minutes to go through, but this weekend we've seen transaction times up to 12 hours."