HomeNewsCloudflare outrage disrupts working of crypto exchanges

Cloudflare outrage disrupts working of crypto exchanges

A powerful infrastructure provider for the internet, Cloudflare experienced a worldwide problem, causing downtime for a number of crypto exchanges.

For those who don’t know, Cloudflare basically offers network infrastructure to businesses. Through this, businesses can publish their material online. Moreover, the infrastructure features security services, including distributed denial of service protection (DDoS).

Cloudflare confirmed this via an update posted today about experiencing issues with its services and network. They also mentioned that they are implementing the fix for these issues. Many crypto exchanges became unreachable for a majority of people due to this issue.

Crypto exchange FTX tweeted about this on their platform. They stated that users could experience difficulty accessing their website. They also claimed that their exchange is currently in “post-only” mode. Besides FTX, Bitfinex, and OKEx tweeted about the issue.

However, this is not the first time Cloudflare faced this outage. In August 2020, Cloudflare faced a similar issue that caused many crypto exchanges such as Bitfinex to face downtime for some users. Besides crypto exchanges, many services were hit by the Cloudflare issue. These include streaming site Hulu and cooperative gaming services PlayStation Network and Xbox Live.

This time too, besides crypto exchanges, Indian brokerages Zerodha and Upstox, as well as communication platform Discord, went down with a 500 internal server error.

With Cloudflare facing such issues causing some part of internet traffic to come to halt, people wondered whether Web3 could help here. CEO of OKX questioned on Twitter at the time of this issue that we can potentially see a Web3 solution for this in the near future.

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