Server shutdowns at crypto exchanges rekindle concerns
Posted : 2021-05-12 16:10
By Anna J. Park
Early Tuesday morning, Bithumb s trading signboard and its Bitcoin price showed errors while trading was frozen for nearly an hour. At 5 a.m., Bitcoin s price had been hovering at around 72 million won ($64,000), but the price suddenly leapt to 77.9 million won in just few minutes. The Bitcoin price was then disconnected for about an hour until 6:08 a.m., at which point it was displayed at a much lower price.
Bithumb notified customers at 5:51 a.m., nearly an hour after the crash happened, stating that excessive traffic caused a delay in trading, leading to the pricing errors. The cryptocurrency exchange said that it took emergency measures, and that trading would be soon normalized. It was the third time this month alone that Bithumb experienced its servers freezing leading to the price errors.