World’s Largest Crypto Exchange Suffers Outage Amid Bitcoin Cash CrazeNovember 14, 2017 4:44 pm
Bithumb, the world’s largest cryptocurrency exchange by trading volume, is blaming an unexpected surge in transaction- and user volumes for a server outage over the weekend, Cryptocoinsnews.com reported Tuesday.
The outage, Bithumb explained, was do to server issues and resulted in users being unable to make withdrawals or deposits for slightly less than two hours Sunday evening, the report said.
Coinhills data shows the Korean cryptocurrency company is the world largest cryptocurrency exchange by trading volume, totaling nearly 18 percent of the overall global trading, the report said.
Bithumb apologized to customers and based he soaring successes of bitcoin’s offshoot bitcoin cash (BCH) over the weekend.
Meanwhile, Bitcoin cash value spiked in recent days, the report said, following the cancellation of the Segwit2x hard fork, which fueled investor interest.
In a website post, Bithumb revealed 24-hour trading volume leading up to the outage reached 800 percent to 900 percent to that of October’s average, the report revealed.
Further details say concurrent users on the website grew incrementally by 1,600 percent to 1,700 percent compared to the previous day’s average. This information shows internet connections rising up to 3 Gbps in bandwidth, more than 500 percent of the previous average.
This combination, the report said, led to unprecedented traffic that crippled Bithumb’s servers, akin to a DDoS attack. Major bitcoin exchanges like US-based Coinbase and Kraken have also suffered similar outages during times of volatility.
– WN.com, Jack Durschlag