The Filecoin network suffered a temporary outage

The Filecoin Decentralized Storage Protocol (FIL) stopped working on December 19th when a bug caused a network instability.. According to a project status report from the Filecoin team:

“The Filecoin network is stuck with most of the nodes at 336459 levels having an inconsistent miscalculation due to uncertain behavior.”

According to the timeline given in the status update, the Filecoin development team has The problem took less than four hours to fix. As part of the solution Miners had to upgrade to the new Lotus client.

Due to a network failure Exchanges like HBTC and KuCoin sent notices to their users announcing the suspension of FIL deposits and withdrawals. At the time of going to press, both platforms have yet to reverse the decision.

The Filecoin network suffered a temporary outage
The Filecoin network suffered a temporary outage

Actually, The Filecoin team advised exchanges to disable deposits and withdrawals until they were familiar with the status of the chain. FIL is down more than 7% in the last 24 hours of trading.

According to the CEO of TokenSoft Mason BordaThe network failure did not affect Wrapped Filecoin (wFIL). As previously reported by Cointelegraph, Tokensoft and Anchorage launched wFIL for Ethereum in November.

At this point, Filecoin had just passed the network storage threshold of 1 Exbibyte, or EiB, which is roughly 1 billion gigabytes. That number is now 1.48 EiB with over 854 active miners according to the Filecoin panel.

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