Deposits and withdrawals disabled for Avalanche, but it seems the network is already working well
The C Avalanche chain recently experienced a temporary block production shutdown, which lasted about an hour. Blockchain explorer Avalanche reported that the last block time was 7:26 UTC+8, with a block height of 27,788,298. At the time, avalanche had not yet responded to requests for comment on the situation.
The Ava Labs co-founder later acknowledged the problem, saying the network had been unstable for just over an hour. The root cause has been identified as a bug in software version 1.9.12. To resolve the issue, a patch has been released and validators across the Avalanche Network have been urged to upgrade to 1.9.14 as soon as possible.
In response to network issues, several Korean exchanges, including Upbit and Bithumb, announced the suspension of deposit and withdrawal services for Avalanche (AVAX) tokens. These measures have been put in place to protect users and ensure the integrity of transactions on these platforms until the network issues are resolved.
Despite the technical difficulties encountered by the Avalanche network, the price of the AVAX token remained largely unchanged. This could be attributed to Ava Labs’ quick response and quick release of a fix for the software bug. The quick resolution likely reassured investors and traders, preventing any significant impact on the value of the token.
While the Avalanche network was facing technical issues, the price performance of the AVAX token remained relatively stable. Currently trading at $17, the token has seen a slight decline of around 4.2% over the past six days. This price move can be seen as a period of consolidation for the token, as it appears to be finding support around the 50-day exponential moving average (EMA).