In recent news, Solana experienced a significant outage that led to a statement from the network's system status page

Validators are reportedly working on a fix, causing the native token, SOL, to drop over 4% in value. Additionally, FTX, a bankrupt crypto exchange, aims to sell its shares of AI startup Anthropic, which could potentially aid in repaying creditors.

On a larger scale, US Treasury Secretary Janet Yellen is anticipated to address the potential risks posed by the crypto industry, particularly focusing on stablecoins, token price volatility, and runs on crypto platforms.

The Crypto Risk News, Anthropic & FTX

This latest event signifies the impact of technical issues on versatile cryptocurrency networks, shedding light on the importance of resilience and stability within these platforms. Furthermore, the news about FTX’s plan to sell its Anthropic shares accentuates the interconnections between various entities within the crypto industry and their financial implications.


As for Secretary Yellen's upcoming remarks, they underline the growing scrutiny and attention from regulatory bodies towards the crypto space.

It is evident that the crypto industry is undergoing challenges that require vigilant attention and robust solutions. The developments within Solana and FTX, coupled with the impending regulatory discourse, highlight the dynamic nature of the cryptocurrency landscape and the need for proactive strategies to address potential risks and instabilities.

Solana Network Experiences Major Outage, Block Production Halted

In a recent turn of events, the Solana network has been hit by a major outage, causing a halt in block production. According to reports, the outage began on February 6 at around 10:22 UTC and has resulted in the network experiencing downtime.

As a result of the outage, block production has been halted, and the Solana mainnet is currently experiencing delays in the processing of transactions. The issue is being actively investigated by engineers from across the ecosystem, who are working to resolve the problem as soon as possible.

The Solana blockchain explorer has confirmed the outage, noting that the network is experiencing a "major outage" and flashing a warning message on the mainnet. Social media reports have also suggested that validators are generating snapshots using their local ledger state to prepare for a restart, as core engineers work on a release containing a fix.

The exact cause of the outage is currently unknown, but it is believed to be related to a problem with the network's infrastructure. According to reports, the issue may have been caused by a software bug or a hardware failure.


This is not the first time the Solana network has experienced an outage. In fact, the network has been plagued by multiple outages since its launch in March 2020. The network grew in prominence during the last bull cycle in 2021, but network-related issues have persisted, leading to multiple restarts.

A little bit of history and the effect of the situation

The Solana network is an open-source, fast, and decentralized blockchain platform that was launched in 2020. It is designed to offer scalable solutions for a decentralized ecosystem, rivaling Ethereum in terms of faster transaction processing times and lower transaction fees.

The outage has already started to impact crypto exchanges, with Upbit announcing that it will suspend deposits and withdrawals of Solana-based tokens such as Solana's (SOL), GMT (GMT), Raydium (RAY), and Access Protocol's (ACS).


The Solana network outage has caused a halt in block production and has resulted in delays in the processing of transactions. The issue is being actively investigated by engineers from across the ecosystem, and a fix is expected to be released soon, but it was already fixed by today, February 7, 2024.

The network has experienced multiple outages in the past since its launch, highlighting the need for improved infrastructure and bug fixes to ensure smooth and uninterrupted operation.

References:

Solana Status. (n.d.). Retrieved from https://status.solana.com/

Solana’s Major 5-Hour Outage; Treasury Secretary Janet Yellen Warns of Crypto Risks. (n.d.). Retrieved from https://www.coindesk.com/video/solanas-major-5-hour-outage-treasury-secretary-janet-yellen-warns-of-crypto-risks/

Hunt, J. (2024, February 6). Solana confirms outage on mainnet, engineers are investigating. Retrieved from https://www.theblock.co/post/276174/solana-major-outage-mainnet-beta

Jha, P. (2024, February 6). Solana network down: Validators act to restore service. Retrieved from https://cointelegraph.com/news/solana-network-outage-block-production-halted

Irene, N. (2022, May 2). Solana bounces back online after seven-hour outage as NFT demand grows. Retrieved from https://www.cryptopolitan.com/solana-bounces-back-after-seven-hour-outage/

Paluteder, D. (2023, December 29). How to Buy Anthropic Stock? Invest in AI. Retrieved from https://finbold.com/guide/how-to-buy-anthropic-stock/

elegant_solution. (n.d.). Retrieved January 13, 2024, from https://www.freepik.com/author/user28432665

Freepik - Goodstudiominsk. (n.d.). Retrieved January 5, 2024, from https://www.freepik.com/author/goodstudiominsk

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