Binance Wallet, Trust Wallet display issues linger after crypto crash
Binance’s balance display issues persisted across some of its services following Friday’s market crash, with its self-custody product, Binance Wallet, still affected as of Monday.
Binance Wallet took to X on Monday to report that the wallet was “temporarily experiencing lag” due to network congestion, which caused some users to be unable to view certain wallet data.
“This information requires some buffering time to display. We are actively working on resolving this issue,” the post read.
Binance also attributed similar display issues to pricing abnormalities affecting several altcoins on its trading platform following Friday’s market crash.
Users report an inability to sell
While Binance Wallet’s post did not mention whether the display issues have affected any wallet transactions, some users claimed that the issue has prevented them from interacting with their assets.
“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?” one commentator wrote.
Others also raised questions over the liquidity of BNB (BNB), the native crypto asset of Binance-operated BNB Chain, as the token printed a new all-time high at $1,370 on Monday, according to data from Coinbase.
Binance Wallet’s balance display issues came soon after Trust Wallet — a self-custody wallet owned by Binance co-founder Changpeng “CZ” Zhao and previously operated by Binance — experienced similar problems on Sunday.
Trust Wallet cites a “market data sync issue”
“We’re aware that some users are unable to see their balances in Trust Wallet due to a market data sync issue,” the platform wrote on X on Sunday, later confirming that the issue was resolved within about four hours.
Some users continued to experience the issue even after Trust Wallet said it had been resolved, with commentators reporting that wallet balances were still displaying incorrect information.
Trust Wallet’s head of communications, Dami Odufuwa, confirmed to Cointelegraph that the issue was resolved as of Monday at 1:30 pm UTC.
Odufuwa said that users were still able to swap, stake and transfer their crypto assets as usual despite the display issues, adding:
The exec said Trust Wallet’s user base counts at least 17 million monthly active users with 210 million app installs historically.
Market crash sent pricing oracles under stress
According to Lucien Bourdon, a Bitcoin analyst at hardware wallet maker Trezor, the incorrect balance displays on Binance Wallet and Trust Wallet were likely caused by record liquidations that put pricing and oracle servers under heavy stress.
Bourdon noted that users can always verify their balances via a blockchain explorer during periods of network congestion, echoing similar advice shared by CZ on Sunday.
“If a wallet UI [user interface] looks wrong, you can check the balances on a block explorer. The takeaway is UI or infra fragility under stress, rather than a self-custody risk,” Bourdon told Cointelegraph.
The display issues experienced by Binance Wallet and Trust Wallet appear to be exclusive to these two platforms at the time of publication, with no other wallets reporting similar UI problems.
Binance Wallet acknowledged Cointelegraph’s request for comment but hadn’t responded by publication time.