November 8 turned out to be the worst nightmare for millions of cryptocurrency users as two major crypto exchanges ended up facing downtimes.
Kraken and Coinbase Faced Outages
On November 8, a huge number of users ended up on two major cryptocurrency exchanges and complained about the platforms either facing latencies or facing downtimes.
The names of the particular cryptocurrency exchanges were Kraken and Coinbase. Both platforms rank among the top 5 cryptocurrency exchanges in the entire cryptocurrency industry.
On that particular day, a great level of turbulence was observed in the cryptocurrency industry. It was because of this turbulence that both exchanges faced latencies.
As the latency rendered the users unable to process transactions, it was referred to as downtime.
On that particular day, Twitter was filled with complaints from the users on both exchanges. They kept complaining and reporting that they faced latencies when attempting to process transactions.
The market turbulences and the latencies were faced a few days after Binance made an unusual announcement. The largest exchange by trading volume revealed it intended to acquire the FTX exchange.
FTX is also a major cryptocurrency exchange considered the rival of Binance. The exchange is owned and run by Sam Bankman-Fried, the current CEO at FTX.
Issued Faced by the Exchanges
The users on Twitter shared their experiences throughout the downtime on both exchanges. They claimed that they faced issues with connectivity on both platforms.
There were several users who reportedly claimed that the withdrawal services were also halted on the exchanges. However, it is yet to be confirmed by the exchange officials.
For now, the market observers and many senior analysts are calling the withdrawal halt claims to be nothing more than claims.
Announcement by Coinbase
The officials at Coinbase also confirmed that they had faced issues related to the network. As a result, their network ended up facing downtime, causing interruptions with multiple platforms.
Coinbase notified that the platforms they faced issues with include Coinbase Prime, Coinbase Pro, and Coinbase.com.
Coinbase did notify the users that they might face problems when logging in. The exchange officials also announced that even if the users were able to sign in, they would face lag in using the platform.
It was also claimed by the exchange that they faced the issues due to a high level of signings on their platform. In addition to that, the exchange also recorded a tremendous amount of transfers.
No Update from Kraken
Although the Coinbase exchange was prompt to address the issue and provided updates on the matter, Kraken did not deal with the situation as expected.
There were no communications made by the officials at Kraken to address the complaints that the users continued raising.