Dark Light

Zilliqa transactions faced some tribulations as the withdrawals were not processed on some exchanges and ZIL holders faced errors while trying to withdraw money. Rejected Transactions created quite a stir amongst the Zilliqa community after which the Zilliqa team tweeted about the same.

The Zilliqa team said that the funds are safe.

Zilliqa Issues Explanation for Failed Withdrawals

Technical glitches on several exchanges troubled Zilliqa token holders who were not able to withdraw ZIL tokens. The token holders encountered error messages and incorrect  nonce counter issues due to which withdrawals failed. The Zilliqa team detailed the issue saying that several properly rejected transactions somehow impacted other transactions, leading to problems in the nonce counter. When intermediate transactions failed or rejected the counter was not updated correctly, leading to rejection of subsequent transactions. To sum up, the transactions were denied due to incorrect nonce handling.

The team said that the exchanges have started to resend the transaction and the Zilliqa team is providing SDKs to the exchanges to handle the issues. They also reaffirmed to the users that their funds are secure.  The transactions errored out at several exchanges due to incorrect nonce that led to failure on some exchanges while other exchanges processed withdrawals without fail.

The Zilliqa community was seemingly convinced with the explanation by the team, and the proposed solution assuaged the community members. One user Zhang CL said that Zilliqa is the most responsible project he has ever seen and commended the team for providing a prompt solution. However few users also pointed out that Zilliqa platform faced several issues after the update on Dec 26.

The detailed explanation of the problem and the proposed solution helped the ZIL token holders to understand the glitch relieving them from the stress of losing their money. The platform said that the funds are safe and the users can review their withdrawal transaction ID on Viewblock.io to see the nonce error. They also noted that a failed transaction did not deduct any balance from the sender.

Disclaimer

The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Total
1
Share