Crypto exchange Binance temporarily closes deposit and withdrawal on Polygon Network

Earlier Tuesday, the largest crypto exchange platform, Binance, announced that it will pause deposits and withdrawals for Polygon Network for a short period of time. The exchange’s actions came shortly after Polygon Network failed on March 11 after a network upgrade. Binance added that the services will reopen its services as soon as the network stabilizes.

Polygon Network resolves the bug

Polygon Network, a layer-2 Ethereum scaling solution, helps millions of users to transfer their funds cheaper and faster. Due to a suspected bug, the network has recently undergone a crucial upgrade on one of the three layers on March 11. However, the three layers did not reach a consensus after the upgrade which resulted in downtime.

On Twitter, the Polygon account noted that the issue that was raising concerns, has been resolved, and the network is stable. The post also clarified that the exchange is currently upgrading its odes and syncing them, as a result of which, this temporary halt is announced.

🔼 Update

Bridge features like deposits, withdrawals, and state sync have also resumed concluding the full recovery of the Polygon PoS infra.
All funds were safe during the resolution of this issue.

Read the latest update below 👇

[https://t.co/e0aFIFcBcT]

— Dabl Club (@DablClub) March 13, 2022

The Polygon network is divided into three levels, each with its own function. The Ethereum layer manages smart contracts, whereas the Bor layer assists with block generation. The problem was found in the Heimdall layer, the third one.

Because of the probable issue, various Heimdall validators were on different versions of the chain, preventing 2/3 consensus from being reached. While the downtime for a few hours was predicted and the Polygon team was informed, the 11-hour outage became a source of anxiety for many projects and traders.

After a security partner uncovered a vulnerability that might have put $24 billion in cash at risk, Polygon Network corrected another upgrade flaw in December 2021. The network has started producing timely blocks, according to the most recent Polygonscan statistics, and the developers have reassured that the network bug has been resolved.

As TheCoinRise reported, Polygon secured $450 million in a major funding round where big venture capital companies participated.