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Cloudflare Crashes Causing Crypto Exchanges To Temporarily Shut Down

Cloudflare, a critical infrastructure provider for the global internet, recently experienced an issue that caused many cryptocurrency exchanges to temporarily shut down.

Cloudflare confirmed through an update on June 21 that it is experiencing issues with its services and networks, and a fix is currently being rolled out. This has caused Internet services around the world to halt or be slow to access. Specifically, when users tried to access certain websites, they encountered the “500 Internal Server Error” message.

However, at the time of writing, Cloudfare said that the company had successfully patched the issue, and the issues are now completely resolved.

This has had a significant impact on cryptocurrency exchanges. For example, the exchange FTX has announced that the platform and the company’s websites will be difficult to access for many users.

As soon as Cloudfare fixed the problem, the FTX returned to normal operation.

Other popular exchanges such as Bitfinex and OKX have also spoken out about the challenge. Even OKX CEO Jay Hao questioned whether there would be a Web3 solution to replace Web3 in the future to avoid repeating the same trouble.

More interestingly, although most exchanges were hit with obstacles, Binance was not affected. Binance CEO Changpeng Zhao explained that the reason Binance is still “standing” is because the platform is completely “decentralized”. Binance has a backup system for bad cases to ensure the progress of users’ transactions.

Basically, Cloudflare is one of the leading providers of network infrastructure for businesses as well as allowing them to publish documents online. Recently, Cloudflare has planned to prepare to run a node for Ethereum.

This is not the first time Cloudflare has encountered a problem, causing ripple effects in the crypto world. In August 2020, a similar development caused Bitfinex and other major crypto sites to simultaneously lose connection with the community.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.