Cloudflare Outage Briefly Affects Multiple Crypto Exchanges

  • Cloudflare experienced a brief outage, leading to multiple websites being inaccessible.
  • FTX, Bitfinex, and OKX were all affected by the outage.
  • Some have called for web3 alternatives, at a time when the world is increasingly talking about a decentralized internet.

Several major crypto exchanges were briefly inaccessible after DDoS mitigation service provider Cloudflare was briefly down . Cloudflare was down for about an hour, and the company quickly resolved the issue with a fix. Some users are reporting that it was an API issue that caused the problem, though Cloudflare itself has not stated what the problem was.

Several crypto exchanges and other platforms were affected by the outage, including FTX, Bitfinex, and OKX. FTX and the CEO of OKX Jay Hao both tweeted about the incident, with the latter asking about a web3 alternative in the future. FTX said that its markets were in post-only mode.

Other websites that were affected include Etherscan and Discord. Most websites are back to full functionality.

As is the case with such incidents, those in the blockchain industry are calling for decentralized services and the acceleration of web3 development. Centralized service providers, should they be compromised in some way, can result in several websites going down, which can, of course, affect the world in myriad ways.

Today’s globalized way of conducting various facets of life make it all the more important to ensure that there is a decentralized means of running the internet. There will be cases made for web3 following this, though of course, a fully fleshed out decentralized internet will be years in the making.

Can Web3 Make the Internet a Better Place?

There’s been a lot of talk of web3, and the impact it could have on how we interact on the internet. Many prominent names have said that we need to move towards a decentralized internet, though figures like Musk have said that web3 isn’t real. Several recent developments indicate that we may well be doubling our speed down that path.

Binance Labs has announced a $500 million fund for web3 and blockchain startups, with the aim to drive growth and adoption. Flow has also launched a $725 million fund for the web3 ecosystem. CoinGecko will host a conference on how web3 will affect the internet in the future in July.

Web3 seems the new rage of the crypto market, though it will take a few years before any concrete developments arrive. Should the expected changes happen, however, the world could be in for a much more equitable internet — and one that doesn’t rely on centralized service providers.

Leave a Reply

Your email address will not be published.