Avalanche Suspends Deposits and Withdrawals After Network Outage201

Avalanche, a popular blockchain platform for decentralized applications, has suspended deposits and withdrawals after a network outage on Thursday, February 2, 2023. The outage was caused by a bug in the Avalanche software that led to a partition in the network.

In a statement released on Twitter, the Avalanche team said, "We have paused C-Chain deposits and withdrawals due to a bug in the software that was causing a partition in the network. We are currently investigating the issue and will provide updates as they become available." Initial estimates to have the network back online were by 1:00 AM PT on February 3, but those estimates have been pushed back as the team continues to work on the issue. The team has not yet announced when deposits and withdrawals will resume.

The network outage has caused significant disruption for Avalanche users, many of whom were unable to access their funds or make transactions. The price of AVAX, the native token of the Avalanche blockchain, has also fallen sharply in the wake of the outage AVAX has seen a sharp decline of 10.5% over the past 24 hours.

Avalanche is a relatively new blockchain platform, but it has quickly gained popularity due to its high scalability and low transaction fees. The platform is used by a variety of decentralized applications, including decentralized exchanges, lending platforms, and gaming platforms. It's one of the top smart contract platforms, and has a market cap over $5 billion.

The network outage is a setback for Avalanche, but it is unclear at this time how much long-term damage it will cause. The team is working to resolve the issue as quickly as possible, and it is likely that the network will be back online soon. The network has already seen a fair amount of downtime in the past few months, and those within the crypto community have complained that this latest outage could hinder adoption.

In the meantime, Avalanche users are advised to be patient and to avoid making any transactions until the network is back online. Users can track the latest updates on the Avalanche status page.

2024-12-18

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