Crypto Exchanges Affected by Cloudflare Outage

Owing to a Cloudflare outage, users trying to access specific sites received a “500 Internal Server Error” notification.

What do we know about Cloudflare and the recent outage?

Cloudflare, which went public around 3 years ago, provides companies with a web net structure that enables businesses to broadcast their content on the web. Security agencies, such as distributed denial of service  (DDoS) defense, are also provided by the system. Cloudflare protects and guarantees the availability of your alternative sources including websites, APIs, and apps. Internal resources, such as behind-the-firewall apps, personnel, and devices, are protected. It’s also your platform for creating internationally sustainable apps. The major internet infrastructure provider recently witnessed extensive issues, causing numerous trading platforms to go offline.

In a Tuesday post, the network system (CDN) revealed that it has been experiencing problems with its operations and connectivity. They assured the people that a remedy is in the works. However, the company has been unable to point out the problem, resulting in the suspension of activities throughout the globe. 

Some comments from crypto exchanges 

FTX, a crypto exchange, announced on Twitter that many individuals would have difficulty accessing its portal and other services, asserting that the transfer is currently in “post-only” capacity. Bitfinex and OKEx, two cryptocurrency exchanges, simultaneously tweeted about the problem. The latter inquired whether there would be a Web3 option worth considering. Surprisingly, only a few digital currency exchanges, like Binance, were unaffected by the Cloudflare disruption. When questioned how Binance remained up and operating during the outage, CEO Changpeng Zhao explained that the platform had a backup system in measure to avoid similar circumstances.

Past Cloudflare Outages

It’s not the first instance Cloudflare has experienced an interruption that has impacted cryptocurrency businesses. Another similar occurrence in August 2020 forced Bitfinex and many other prominent websites to take a break. The platform experienced an outage last week too, affecting services in various regions of the world.