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- Most merchants level the finger at FTX’s API connection
- Market volatility has a historical past of overloading crypto exchanges
When markets are unstable, crypto merchants salivate like a husky after the dinner bell. If their change of alternative experiences downtime proper as they’re itching to put a commerce, Twitter is a high place to vent.
Following the discharge of higher-than-expected US inflation numbers on Tuesday at 8:30 am ET, markets took a nosedive. Bitcoin, for example, fell 6% over the subsequent 25 minutes.
FTX clients started complaining of API outages and intermittent display screen refreshes.
“FTX down once more? Time for a brand new browser,” one person wrote, referring to earlier interactions with FTX CEO Sam Bankman-Fried, during which he prompt laggy browsers had been responsible.
This time, Bankman-Fried threw on his customer support hat and sprung into motion.
“…I’m annoyed internally that we didn’t make this specific factor smoother earlier, I’ve woken up half our [developer] group to get issues rolled out inside the hour,” Bankman-Fried tweeted.
Some customers reported being unable to make use of the platform for round a minute or receiving erroneous notifications of jurisdiction-based blocks.
Crypto exchanges have a historical past of struggling throughout transient intervals of peak demand, typically even spurring legal action as upset merchants band collectively to hunt compensation.
An FTX spokesperson confirmed to Blockworks that the tech hassle was linked to the spike in volatility however didn’t characterize it as an outage.
“There was no downtime, the change was operating the entire time. Some customers who had been accessing it through browser discovered that their webpage continuously refreshed, which made utilizing the change slower and extra cumbersome,” the spokesperson stated.
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