- 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
Week Ahead: Altcoin plays for traders as Bitcoin crosses $42,000

Bitcoin price hit $40,000 over the weekend as investors anticipate a spot BTC ETF approval in January. Bitcoin trades around $42,000 and shows no signs of stopping. This article will focus on what to expect this week and the outlook for BTC and if the fourth cycle is any different.
Crypto exchanges serving Indian residents to comply with Anti-Money Laundering guidelines: Indian Parliament

Crypto exchanges serving Indian residents to face action if not compliant with Anti-Money Laundering and Countering of Financial Terrorism guidelines.The process of registering offshore exchanges, Virtual Digital Asset service providers has been initiated.
Dogecoin breaks key $0.088 barrier ahead of tenth birthday, 87% DOGE holders at profit

As Dogecoin (DOGE) approaches its tenth anniversary on Wednesday, the Shiba-Inu-themed meme cryptocurrency has surpassed a crucial resistance level at $0.088076, reaching the highest level since mid-April.
Bitcoin price could rally to $45,000 ahead of BTC halving event in April 2024

Bitcoin price crossed the $41,000 mark on Binance, in its ongoing uptrend. BTC price rally is likely driven by the anticipation of Spot Bitcoin ETF approval. There are more catalysts driving BTC price gains in the current cycle.
Analyzing potential $30k corrections ahead of BTC ETF approval

Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.