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Decentralized storage protocol Filecoin (FIL) came to a halt on December 19 because a bug caused instability on the network. According to an project status report issued by the Filecoin team:

“The Filecoin network has shut down most nodes stuck at elevation 336459 with a computational mismatch due to undetermined behavior.”

Based on the timeline in the status update, it took less than four hours for the Filecoin development team to resolve the issue. As part of the solution, miners had to upgrade to the new Lotus client.

Due to the network outage, exchanges such as HBTC and KuCoin announcements announced to their users, by the suspension of FIL deposits and withdrawals. At press time, both platforms have yet to reverse the decision.

Indeed, the Filecoin team advised exchanges to turn off deposits and withdrawals until they are comfortable with the status of the chain. FIL is currently down more than 7% over the past 24-hour trading period.

According to TokenSoft CEO Mason Borda, the network outage did not affect Wrapped Filecoin (wFIL). As previously reported by Cointelegraph, Tokensoft and Anchorage have launched wFIL for use on Ethereum back in November.

At the time, Filecoin had just passed the 1 exbibyte, or EiB, network storage threshold, which equates to approximately 1 billion gigabytes. This figure is now up 1.48 EiB with more than 854 active miners according to the data from the Filecoin dashboard.