Filecoin Protocol Experiences Short-Term Outage
Cryptocurrency Enthusiast – Max
Filecoin, a decentralised storage protocol, came to a halt recently on December 19 2020, due to instability caused by a bug within the network. Filecoin had issued a status report declaring that the network was halted as most of the nodes were “stuck at height 336459” and suffering from a ‘mismatched state computer error’ from unknown behaviour.
From the time the status report was issued to when it was updated, the Filecoin team took less than four hours to repair the problem. An additional part of the solution also involved all miners having to upgrade to the new Lotus client.
As a result of the platform outage, platforms including HitBTC and KuCoin published announcements to their users regarding disabled withdrawals and deposits for Filecoin, leaving users unable to trade Crypto on their platform. To this date, both companies have yet to change their decision, which was advised by the Filecoin team until they have reviewed and confirmed the status of the network.
Prior to the bug, Filecoin had just passed the 1 EiB network storage (1 exabyte), equalling to approximately 1 billion gigabytes. This number currently sits at 1.48 EiB with more than 854 miners as shown in the data found on the Filecoin dashboard.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
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For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
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