Polygon (MATIC) deposit and withdrawal temporarily Stopped in Binance

• Root cause of this temporary suspension – Heimdall layer
  
• Why Binance halted deposit and withdrawal? Network Issue
  
• What is the current stand of BNB?
• How is Polygon working in this situation?

Root Cause of this Temporary Suspension

The polygon network consists of three layers, each serving a specific purpose. The Ethereum layer executes smart contracts, and the Boron layer assists in the generation of blocks. The fault is in the third Heimdall layer.

Polygon developers alerted users to an issue regarding Tender Mint implementation, leading to network downtime on March 10,2022. Polygon network was down more than 8 hours. Because of this network downtime, many projects, vendors, and polygon users faced issue in fund exchange and other development works. After a day, Polygon PoS has resumed and they came up with a temporary hotfix  and it was deployed to fix the current situation thus indicated that all funds are safe with the network.

Why Binance halted deposit and withdrawal?

Binance is the world’s biggest cryptocurrency exchange by trading volume. Because of the instability, Binance announced that they are temporarily pausing deposits and withdrawals for Polygon (MATIC) Network on March 15,2022.

“Deposits and Withdrawals on Binance via the @0xPolygon $MATIC network has been temporarily paused.”

What is the Current Stand of BNB?  Binance support page stated “BNB team is in contact with Polygon (MATIC) network and is assisting to resolve the situation.”

Binance conveyed to users that “Deposits of $MATIC during the suspension will be credited when the issue is fixed. Further updates on the issue will be provided soon.”

Reopen deposits and withdrawals via the Polygon (MATIC) network once BNB team deem its network to be stable.

How is Polygon working in this situation?

Polygon reacted as below:

“Polygon PoS network is stable, and working fine. All funds are safe. Binance is upgrading its nodes, and currently syncing the block data, hence they have paused the deposit and withdrawal.”

According to the latest polygon scan data, the network started generating blocks in a timely manner, and the team ensured that the network bugs were fixed.

The Polygon forum resumed the below operations.

• The complete Polygon PoS infrastructure has resumed normal operation
• The Polygon PoS chain has continued normal operations since this weekend’s fix
• The Polygon PoS Bridge deposits and withdrawals have also resumed normal operation
• Any pending deposits and withdrawals got processed and newer ones should be processed as usual