Avalanche Deposits and Withdrawals Suspended on Some Exchanges, Here's What Happened

The Avalanche C-chain recently experienced a temporary halt in block production, which lasted for about an hour. The Avalanche blockchain explorer indicated that the latest 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.

Ava Labs co-founder later acknowledged the issue, stating that the network had been unstable for a little over an hour. The root cause was identified as a bug in version 1.9.12 of the software. To address the problem, a fix was released, and validators on the Avalanche network were urged to upgrade to version 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 were put in place to protect users and ensure the integrity of transactions on those platforms until the network issues are resolved.

Despite the technical difficulties faced by the Avalanche network, the AVAX token price remained largely unaffected. This could be attributed to the prompt response by Ava Labs and the swift release of a fix for the software bug. The quick resolution likely reassured investors and traders, preventing any significant impacts on the token's value.

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While the Avalanche network faced technical issues, AVAX token's price performance remained relatively stable. Currently trading at $17, the token experienced a modest decline of approximately 4.2% over the last six days. This price movement can be seen as a period of consolidation for the token, as it appears to find support around the 50-day exponential moving average (EMA).