The Avalanche blockchain network has faced issues with its C-Chain, leading to network instability and deposit and withdrawal suspension on popular Korean exchanges Upbit and Bithumb. According to reports, the network has been unstable for over an hour, with the latest block time recorded as 7:26 UTC+8 and a block height of 27788298.

Ava Labs co-founder confirmed that the network instability was caused by a bug in version 1.9.12, which has now been fixed in version 1.9.14. It is recommended that all Avalanche validators upgrade to the new version as soon as possible to avoid further issues.

The suspension of Avalanche (AVAX) deposit and withdrawal services on Korean exchanges Upbit and Bithumb has caused concern among traders, who are unable to access their funds. It is unclear at this time when the issue will be fully resolved, but the release of the new version should help to alleviate some of the network instability.

The Avalanche network has been gaining traction in recent months due to its fast transaction speeds and low fees, making it an attractive option for traders and developers alike. However, this incident highlights the importance of regularly updating software to avoid bugs and network instability.