Coinbase Prime is having trouble processing transactions on the Solana network

Institutional investor brokerage Coinbase Prime is having trouble movingSOL cryptocurrencies into cold wallets due to a bug that brought the Solana network down last week. This was announced by the managing partner of Dragonfly Capital Hasib Qureshi.

"Due to the update that is currentlyoccurs on the Solana network, on-chain custodial transactions through Prime Vault and Custody, including the creation of new wallets, withdrawals and staking, are temporarily disabled,” Coinbase Prime said in a statement.

The service team emphasized that client assets are safe. Users can make deposits to existing wallets, and existing stakers will continue to receive rewards.

On June 1, the Solana network was closed for more than four hourswas producing new blocks due to a failure in the processing of "long-term non-targeted transactions", which led to a violation of the consensus. The developers disabled this type of operation and asked the validators to restart the blockchain.

Long-term untargeted transactions (durabletransaction nonces) are mostly popular among cryptocurrency exchanges. The function is intended for token holders who use complex automatic signing settings, which is why they cannot always promptly prepare transactions for registration on the blockchain.

For example, a custodian who signsa transaction from two isolated devices may not have time to complete the work within one block. A normal transaction on the Solana network will not work in this case, however, the above function allows you to bypass this limitation and pre-sign offline.

The Solana developers explained that they will enable long-term non-targeted transactions when "corrective measures" are taken. The feature will be activated in the next software update.

Recall that in May 2022, the project team reported that the network's internal clock was out of sync with real time.