Cloudflare crash takes cryptocurrency exchanges offline

Some of the main cryptocurrency exchanges on the market went offline on Tuesday (21). This came after an outage of the Cloudflare web infrastructure platform.

On Tuesday morning, Cloudflare crashed for about 25 minutes and took down many cryptocurrency sites along with it.

This includes, for example, exchanges FTX, Bitfinex and OKX, as well as the data platform CoinMarketCap. When accessing these platforms, users were faced with a “500 Internal Server Error” message.

Exchange failure

Digital asset exchanges have informed their users of the social media outage. FTX, for example, tweeted:

“Cloudflare is experiencing an outage. Therefore, FTX and many other sites will be difficult for many users to access. FTX markets are in post mode only.”

Meanwhile, OKX CEO Jay Hao questioned whether there is any web 3.0 alternative to prevent this from happening in the future.

“In case you are unable to visit the OKX website and ‘500 Internal Server Error’ appears for you, it appears to be a problem at Cloudflare’s end. It appears to be a global internet outage. Things should get back to normal soon. Any web 3.0 alternatives in the future?” he said.

While many digital asset companies were affected by the pause, Binance was not on the affected list.

When asked why Binance was still working, the company’s CEO Changpeng Zhao, the CZ, said that the exchange had a setup of its own to prevent this. He referred to it as “lucky”, ironically.

“Welcome to decentralization. We only have a redundant configuration for one of the services many others rely on exclusively. It’s luck,” tweeted CZ. “But not everything is perfect, the CMC [CoinMarketCap] was affected,” he said.

About Cloudflare

Cloudflare went public about three years ago and provides web infrastructure for crypto companies, allowing them to publish their data online.

In addition, it provides security services, including protection against distributed denial-of-service (DDoS) attacks.

After the failure, Cloudflare said it has already restored its servers. That is, users can now access exchange sites without further problems.

The platform did not disclose the cause of the failure, but said it will continue to monitor the results.

This is not, however, the first time that a Cloudfare failure has affected the digital asset market. That’s because in August 2020, a similar pause brought Bitfinex and other crypto sites to a standstill.

Also, last week Cloudfare reported downtime that affected some industry websites.

Read also: Solend introduces limit on loans to try to contain liquidations

Also read: Cardano postpones release of Vasil update to late July

Also read: Balneário Camboriú will be the first city in Latin America with its own token

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