Aptos (APT) Encounters Issue, Blockchain Remains Idle for Over 4 Hours, Upbit and OKX Halt Transaction

The Aptos blockchain, known for its Move language and mainnet launch in October 2022, has been down for more than four hours. The unexpected downtime has sent shockwaves through the market, prompting major exchanges like Upbit and OKX to suspend Aptos (APT) deposits and withdrawals.

According to the AptoScan block explorer, the on-chain transactions on Aptos came to a halt at block 104621314, with the last transaction recorded at 7:11 UTC+8 on October 19, 2023. The prolonged outage has created uncertainty in the crypto community, as traders and investors are left in the dark regarding the status of their assets.

Aptos officially addressed the situation via a statement and a tweet: “Your energy for Aptos One was so electric, you cut the lights! What that means at the moment is that transactions on the network have been impacted. We are working diligently to resolve the issue and will keep you updated upon completion.” This acknowledgment, while offering some reassurance, has not yet provided a timeline for when the blockchain will be back in operation.

The ramifications of this blockchain outage have rippled through the market. The price of APT, the native token of the Aptos blockchain, experienced a slight drop, hovering around $4.917 USD and declining by over 1% in the past 24 hours. Market sentiment remains uncertain, awaiting further developments on when the network will be fully functional.

APT/USDT 1 day chart on Binance | Source: TradingView

Aptos made headlines over the past year, thanks to its successful mainnet launch and a high-profile airdrop campaign that distributed thousands of dollars in APT tokens. The project successfully raised $350 million through multiple funding rounds. Its integration with the Indian social network, Chingari, caused a 900% surge in new users on its layer-1 network in late July.

Despite the current challenges, Aptos has managed to maintain a total value locked (TVL) of around $64 million, slightly edging out its competitor, Sui, according to data from DeFi Llama. This resilience reflects the strong fundamentals and community support backing the Aptos blockchain.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like