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Multiple Crypto Exchanges Hit Through Amazon AWS Outage

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

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Author Ben Mezrich Thinks Amazon Should Develop Libra Instead of Facebook

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Seems AWS is having some issues, and those issues are stretching out to crypto exchanges. An outage on Amazon’s AWS services has resulted in numerous crypto exchanges suffering service outages, in turn, with several exchanges reportedly unable to do deposits, trading, or withdrawals.

Multiple Big Fish Dropping Out Temporarily

Changpeng Zhao, the CEO of Binance, notified his exchange’s community about it by way of Twitter. He went as far as to say his exchange was “Barely holding up” as it was. He noted that employees were hard at work trying to resolve the issue at large.

Another big fish from the Crypto space that suffered from this event was Huobi. The exchange announced that its Huobi Global services were temporarily unavailable thanks to this AWS server outage.

Later on, it warned that certain users’ experiences regarding login and trading would be affected. Either way, it assured the public that nothing was permanently affected in terms of account balances and nothing else. The firm then proceeded to apologize to the public for the inconvenience.

Overheated Systems To Blame

Kucoin was another big exchange that suffered at the hands of the AWS outage. It announced that trading was still fully functional, but both withdrawals and deposits have been adversely slowed down.

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The official reasoning behind the AWS outage was attributed by Amazon to be in relation to the Amazon Elastic Compute Cloud, which had reported issues due to systems starting to overheat. However, these issues have largely been resolved in the meantime, leaving the press to speculate what actually happened in those servers.

Business As Usual

Sadly, it’s a common trend for big exchanges to either not be prepared for traffic when a massive bull run hits, or otherwise be incapable of doing something due to a random event on their servers, such as what happened now. It’s all resolved at this point, sure, but it’s only a matter of time until it happens again. Granted, that’s one of the things a trader has to live with when operating in centralized exchanges.

Time will tell whether or not this issue is truly resolved, or if Amazon simply declared it to be. Big corporations are quite infamous for doing their utmost not to look bad and, as a result, affect the prices of their respective stocks.

Either way, things seem to have gone back to normal, and business can return to the norm. With any luck, no one lost money in the process.

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