Unknown failure caused the Ethereum blockchain to halt for 25 minutes

Transactions continued to be processed but remained incomplete

12.05.2023 - 10:35

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2 min

What’s new? On May 11, no transactions were confirmed on the Ethereum network for about 25 minutes. Transactions by blockchain users were being processed, but due to an unknown glitch, they remained incomplete and at risk of being modified. After transactions on the mainnet resumed, the developers said that they were still figuring out the cause of the glitch and would soon share details with the community.

But in seriousness - the beacon chain had a brief period of non-finalization just now. Good illustration for the robustness of the chain - while there was some slowdown of blocks, transactions continued to be processed as usual. We are back to normal now. https://t.co/QyRW91OFJ9
— ansgar.eth 🦇🔊 .oO (@adietrichs) May 11, 2023

What happened before? On April 13, the Ethereum network activated the Shapella hardfork, allowing ETH to be withdrawn from staking. Glassnode experts predicted that it would not lead to increased selling pressure. On April 25, analyst Benjamin Cowen allowed ETH to fall to $800. On May 3, Glassnode recorded a spike in ETH deposits on exchanges, which may indicate greater volatility for the asset going forward.

On April 26, the XRP rate on Bitrue fell to $0 as a result of a technical glitch on the crypto exchange that led to mass liquidations of futures positions paired with the USDT stablecoin.

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