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Binance Blocks Polygon (MATIC) Deposits and Withdrawals

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After the problems that occurred in the new Polygon update (MATIC), the Binance exchange has blocked all operations with the token. According to the announcement, all withdrawals and deposits from MATIC were blocked at dawn on Tuesday (15).

The block came four days after Polygon’s network was offline for 11 hours on Friday. As of this writing, operations have not resumed by the exchange. According to Binance, withdrawals and deposits will resume once the network becomes stable.

Problem causes Polygon instability

Polygon is a second-tier solution for scaling transactions on the Ethereum network. It has three layers. The first is ETH, which runs smart contracts, while the Bor layer helps with block generation.

The third layer is called Heimdall and it was precisely this layer that received an update on March 11th.

However, developers identified an error in the update as soon as it was released. As a result, the layers were unable to reach consensus and implement implementation.

To avoid problems with transactions, the network was shut down for 11 hours while the developers dealt with the problem. The case was partially resolved and the network returned to normal, but the bridge system continued with activities suspended.

The official Polygon developers Twitter account stated that transactions are proceeding as normal. Regarding the Binance block, the profile stated that the exchange is updating its nodes and synchronizing data, which justifies the stoppage of operations.

Polygon fixed another upgrade bug back in December 2021 after a security partner discovered a vulnerability that could have put $24 billion of funds at risk.

According to Polygon’s latest data, the network started producing blocks that took advantage of this flaw, but the team assured that the flaw was fixed.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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