Chiliz

In a recent announcement on January 22, ChilizX, a dedicated platform for fan token trading, issued a warning to its users about a withdrawal issue linked to the Chiliz Legacy Chain network. The platform acknowledged the problem in an X post and advised users to opt for fan token withdrawals using an alternative network called Chiliz Chain (CC2). ChilizX announcement on X 
The ChilizX team emphasized the importance of avoiding withdrawals of fan tokens using the Chiliz Chain to a Chiliz Legacy Chain address. Despite the reassurance from the exchange’s team regarding active efforts to resolve the matter, questions arose as some users reported successful withdrawals via the network on other crypto exchanges. The official tweet from ChilizX read, “We are experiencing a Chiliz Legacy Chain withdrawal issue on ChilizX. We kindly ask you to use ‘Chiliz Chain (CC2)’ for Fan Token withdrawals.” They also wrote, “We apologize for any inconvenience this may cause and assure you that our team is working to resolve as quickly as possible.”
Following the announcement of the ChilizX withdrawal issue, the native cryptocurrency of the Chiliz ecosystem, the CHZ token, experienced a significant decline of over 12.5%. As of the latest update, CHZ is trading below the $0.1 mark, making it the second-worst performer in terms of price over the past 24 hours, according to CoinGecko data. Chiliz, known for its focus on sports and entertainment within the blockchain platform, relies on the CHZ native token to anchor its ecosystem. Within this framework, the Chiliz Chain network emerges as a potential successor to the Chiliz Legacy Chain, featuring an on-chain governance system compatible with the Ethereum Virtual Machine (EVM). How did it affect its users? 
Users got worried about the withdrawal problem, so the platform quickly did something about it. They told users to use Chiliz Chain (CC2) instead for taking out their fan tokens. The ChilizX team is busy fixing the issue, but because of this problem, the value of the CHZ token has gone down.
The drop in CHZ’s value highlights the market sensitivity caused due to technical problems. Users need to stay alert and informed about the networks suggested for their transactions. It’s worth noting that the ChilizX team’s recommendation to use Chiliz Chain (CC2) for fan token withdrawals aims to ensure a smooth and secure withdrawal process for users during the resolution of the Chiliz Legacy Chain withdrawal issue.
While the ChilizX team works diligently to address the problem, some users have reported successful fan token withdrawals via the Chiliz Legacy Chain on other crypto exchanges. This discrepancy in user experiences raises questions about the specific nature and scope of the withdrawal issue on the ChilizX platform. As of now, ChilizX users are advised to stay updated on official announcements and follow the platform’s guidance regarding network choices for fan token withdrawals. The people who use CHZ will be watching closely, hoping the withdrawal problem gets fixed quickly, and the value of CHZ gets stable again.
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CHZ Faces 12.5% Dip as ChilizX Reveals Withdrawal Woes

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