The Avalanche (AVAX) C chain, a blockchain network that utilizes the Avalanche consensus protocol, has encountered a block production issue. For an hour, the network had not been able to produce new blocks, causing concerns among its users and the broader blockchain community.
According to the Avalanche blockchain browser, the latest block time recorded is 7:26 UTC+8, and the current block height is 27788298. This interruption in block production raises questions about the network’s stability and ability to handle large volumes of transactions.
This caused AVAX Co-Founder Kevin Sekniqi to take to his Twitter account and state that if you upgraded to 1.9.12, you were fine, but if you were still sticking to 1.9.11 and earlier, you stopped agreeing on an x-chain transaction with all other 1.9.12 nodes due to a check bug, so there wasn’t agreement and therefore progress. It was safe, but not live.
The developers of Avalanche released version 1.9.12 after discovering the disruptions in their system and learning about them. The goal of this particular iteration was to provide assistance in resolving the issue that was occurring within the block.
Reports indicate that the South Korean cryptocurrency exchange platforms, Upbit and Bitthumb, have suspended withdrawals and deposits of AVAX, a digital asset, over concerns of potential issues within the digital asset ecosystem.
As a result of the decision by Upbit and Bitthumb, users of these platforms are currently unable to deposit or withdraw AVAX, leading to inconvenience and frustration for those who rely on these platforms for their cryptocurrency trading activities. It is unclear at this time when the suspension will be lifted or whether other digital assets on these platforms will be affected.
At the time of this writing, AVAX was experiencing a bearish trend in its trading, with a 1.45% drop in its price. The digital asset was trading at $17.12, resulting in a market capitalization of $5,575,495,963, representing a decline of 1.46%. However, the trading volume had increased significantly by 58.50%, reaching $311,029,075.
