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 wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?