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The Bahamian crypto exchange FTX was reportedly stuck with an issue where its users had to face problems while using the platform. On Tuesday, users of the crypto exchange platform were unable to reach out to the platform’s services.
This whole situation showed up around a similar timeframe of releasing economic reports on US inflation. The coincidence led to making the situation more critical leaving the traders frustrated at the time surfing the website.
Citing the seriousness of the situation, the CEO of FTX Sam Bankman-Fried himself had to come up with damage control. He went on to Twitter while apologize for the issue and clarifying the situation. SBF said the FTX did not go unavailable, rather it went on to wobble and auto-refreshed. The issue was witnessed by so many people at the same time resulting in frustration for them. He also informed the rolling out of a momentary fix for the issue.
Many traders reported on Twitter about facing the issue with the interface halting occasionally around 12:30 UTC. This is around the same time as releasing the US consumer price index report. However the issue with the platform was fixed by 13:25 UTC, SBF informed on Twitter.
A spokesperson from FTX stated the CPI report release started volatility and when several users were trying to access the exchange using a browser facing websites got frequently refreshed. This consistent refreshing of the website resulted in making the process quite slow and the whole situation unmanageable. The exchange did not face any halt after the volatility and it ran during the whole time, he added.
The person also stated the issue was with the website of FTX only at the time, while the API was free from any such issue.
Meanwhile, following the CPI report release, the crypto market witnessed the effects. The report was expected to show a rise in inflation of around 8.1% which came out to be at least 8.3% for August 2022.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
