PiCK

Large-scale Cloudflare outage… Cryptocurrency firms also 'hit'

JOON HYOUNG LEE

Summary

Reported that a network outage at the global web infrastructure company Cloudflare temporarily suspended major services within the cryptocurrency industry.
Said that several platforms, including U.S. cryptocurrency exchanges Kraken and Coinbase, experienced service errors.
Noted that because Cloudflare outages have previously had cascading effects on cryptocurrency exchanges, investors should exercise caution in similar situations.

A network outage at global web infrastructure company Cloudflare caused consecutive service interruptions in the cryptocurrency industry.

On the 18th (local time), according to foreign media including CoinDesk, temporary service errors occurred that day at U.S. cryptocurrency exchanges Kraken and Coinbase. Telegram's blockchain Toncoin (TON) and cryptocurrency data platform DefiLlama, among other cryptocurrency firms, reportedly also experienced service outages that day. CoinDesk said, "Cryptocurrency exchange BitMEX is investigating service disruptions related to the Cloudflare outage."

Earlier, Cloudflare experienced a large-scale network outage that day. Cloudflare said, "We are aware of an issue that may affect many customers and are investigating," adding, "During recovery work, customers may see more errors than usual." The Block said, "This is not the first time Cloudflare's service disruption has had a cascading effect on the cryptocurrency market," adding, "In June 2022, wide-ranging network outages also caused several cryptocurrency exchanges to go down."

Meanwhile, Cloudflare's network outage reportedly caused service errors for OpenAI's ChatGPT, X, the social media platform owned by Elon Musk, CEO of Tesla, and the music streaming platform Spotify.