Tanya Abrosimova
Independent Analyst
- Ethereum infrastructure provider Infura has a major technical issue.
- Cryptocurrency exchanges are forced to suspend ETH deposits and withdrawals.
Infura announced that it was having service outage issues for Ethereum Mainnet API. The team is investigating the problem as mentioned on the company's website:
We are currently experiencing a service outage for our Ethereum Mainnet API. Our on-call team is investigating and working to restore service functionality. We will post updates here as we have them.
Meanwhile, several cryptocurrency exchanges and wallet providers, including Binance and MetaMask, were forced to suspend ETH withdrawals until the situation clarifies.
The Binance head, Changpeng Zhao, confirmed that the exchange has temporarily blocked ETH withdrawals and assured users that their funds were safe. Zhao also noted that the issue might have been caused by ETH chain split as both Etherscan and Blockchair show two different chains after block 11234873.
There was a possible ETH chain split at block 11234873. Etherscan and Blockchair are showing two different chains and data after this block. We’re resolving now but have temporarily closed withdrawals. Funds are #SAFU.
— CZ Binance (@cz_binance) November 11, 2020
eg,https://t.co/nhaCTcpacuhttps://t.co/bYfVAIkBCx
Crypto.com also paused Ethereum and ERC20 deposit and withdrawals citing ETH network issues.
Social media has exploded with messages from cryptocurrency service providers and users reporting on ETH withdrawals' issues and offering solutions to the situation. One of the widespread ideas is that the exchanges should run their own ETH nodes to avoid dependence on third-party issues.
However, according to the BitMEX Research team, this may lead to a new problem as exchanges would be forced to suspend withdrawals and investigate if the local chain does not reconcile to a third-party provider.
It is possible that exchanges do run their own Ethereum nodes, but suspend some services pending an investigation if the local chain does not reconcile to a third party provider such as Infurahttps://t.co/FCC7sOA1cN
— BitMEX Research (@BitMEXResearch) November 11, 2020
Meanwhile, Infura posted an update stating that they found the cause of the problem and now are trying to find a solution and restore the services as soon as possible.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple faces growing downside risks threatening potential return to $3
Ripple (XRP) price hovers at around $2.31 on Monday, extending its gradual drawdown from last week’s high of $2.65, as the broader cryptocurrency market swings between gains and losses amid shifting investor sentiment.
EOS uptrend falters ahead of token swap despite Vaulta’s DeFi TVL soaring to $246 million
EOS price slides on Monday to approximately $0.75, erasing a minor uptick on Sunday, while extending the drawdown from the May 10 high at around $0.99. The EOS network rebranded to Vaulta in the first quarter, paving the way for a web3 banking platform.
Bitcoin gives up weekend gains, signaling potential bull trap as momentum weakens
Bitcoin dips to around $103,000 on Monday, wiping out Sunday's gains and raising concerns of a short-term correction. Metaplanet adds 1,004 BTC to its treasury, while spot Bitcoin ETFs saw $603.74 million in net inflows last week.
Virtuals Protocol Price Forecast: VIRTUAL set to extend losses as triple top formation emerges
Virtuals Protocol (VIRTUAL) price drops over 10% at the time of writing on Monday, trading around $1.78 following a failed attempt to break above a key resistance level over the weekend.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.