Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Korean Crypto Exchange Suffers Outage During Bitcoin Cash Surge

Published 13/11/2017, 19:04
Updated 13/11/2017, 21:58
© Reuters.  Korean Crypto Exchange Suffers Outage During Bitcoin Cash Surge

(Bloomberg) -- Bithumb, one of the world’s most heavily trafficked bitcoin exchanges, is getting heat from customers who were unable to make transactions after its server went down over the weekend.

For about two hours on Sunday, users of the Seoul-based exchange couldn’t make withdrawals and deposits after a sudden surge in usage caused a server connection failure, Bithumb said on its website. Trading volume was about 800 percent higher than the October average as prices in some virtual coins experienced wild fluctuations.

The Korean exchange specifically pointed to bitcoin’s lesser-known cousin, bitcoin cash, as the culprit. It’s soared in recent days after key members of the cryptocurrency community decided to call off a software upgrade to bitcoin’s blockchain, leading some investors to rotate into different digital coins.

Read more about Bitcoin Cash: The Digital Cousin Disrupting Cryptocurrencies

Bithumb said it canceled some transactions to minimize damage and is having conversations with law firms about how to compensate users who lost money. Frustrated investors who were unable to take advantage of the price fluctuations have joined forces to discuss filing lawsuits against Bithumb, according to local Korean news sites.

This isn’t the first time Bithumb has had problems. In June, customer information was stolen from an employees computer. It also isn’t the first crypto exchange to grapple with performance issues. Coinbase, one of the most popular U.S. exchanges, has faced an influx of customer complaints this year as it has struggled to keep up with unprecedented volume driven by skyrocketing prices and speculation.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.