The Avalanche project is an altcoin project created under the leadership of Turkish computer scientist and Blockchain technologies expert Emin Gün Sirer. As we reported yesterday Kriptokoin.com , Huobi and Binance have suspended Avalanche withdrawals. In addition, Huobi also made an official statement regarding the issue. Today, it turned out that a mistake in the Avalanche network brought the network to a standstill.
What’s going on with Avalanche (AVAX)! Why are processes suspended?
As we recently announced as Kriptokoin.com, “Huobi and Binance”, one of the leading Bitcoin and crypto money exchanges, has suspended the processes for the well-known altcoin Avalanche (AVAX). “AVAX deposits and withdrawals” have been suspended by many exchanges. Because of this, investors were unable to access the wallets. Huobi made an official statement regarding the bet.
Exchange stated that it has suspended processes due to Avalanche node upgrade. However, in the statement made by the Avalanche team, it seems that there are different problems. The group emphasizes that with the opening of the decentralized exchange Pangolin, the network was congested and triggered a fallacy. The recently launched Pangolin exchange is working on Avalanche.
Emin Gün Sirer: There is no need for excitement and panic! Avalanche will get stronger
Emin Gün Sirer, CEO and founder of Ava Labs, which supports the project, discussed the issue that caused concern in the market. Emin Gün Sirer made the following statement regarding the issue:
Pangolin’s intensity created a flaw in the Avalanche network last night. Because of this flaw, a wonderful slowdown in the network started. The effect of the flaw is limited, the funds are solid, it is not possible for anyone to lose their AVAX or other cryptocurrencies. We are currently working on a fix. When appropriate, we will ask friends who have installed nodes to deploy the fix. There is no need for excitement or panic. Bitcoin and quickly almost every other system experienced similar problems during their growth phase. We’re about to outrun ours. He came to me and said, “How can Avalanche be prettier from all sides, isn’t there anything bad about it?” there were those who asked. My response to them was always “The biggest disadvantage of Avalanche is that the code is new”. I believe we will pass these stages with your support. As a result, Avalanche will become even stronger.
Altcoin project has dropped over 46 percent!
These problems caused the price of Avalanche (AVAX) to drop sharply. The cryptocurrency has slumped from levels above $60 to $41. These numbers mark a drop of over 46 percent in the altcoin project. The nineteenth-largest cryptocurrency, Avalanche, is trading at $52, down nearly 1 percent at the time of writing. The popular altcoin currently has a market cap of $4 billion. There has also been significant erosion in the process volume of Avalanche. The transaction volume of the cryptocurrency has slipped from $2 billion to $876 million.