According to media reports on Wednesday, most Ledger users encountered difficulties processing withdrawals from their Ledgers.
In his statement about the current situation, the chief technology officer explained the difficulties experienced by the Cryptocurrency Hardware Ledger wallet resulting from the persisting outflows of coins by sellers from the FTX cryptocurrency exchange platform.
Charles Guillemet, the CTO of Ledger, in his tweet on November 9, stated that Ledger experienced an enormous rate of usage on their platform, which led to the ponderous scalability challenge.
The CTO correlated the incidence with the liquidity issues experienced by the world’s global cryptocurrency exchange, FTX. He added that an increasing number of crypto investors are observed to transfer their crypto holdings from exchange platforms to Ledgers.
Hence, the occurrence mentioned above. On November 9, at about 11:00 pm UTC, Ledger reported the problems experienced by its wallet users. It further revealed that the interface application server of its hardware wallet (Ledger Live) was experiencing downgraded performance issues.
Giving further details on the actual points where issues emerged, he noted that most solutions are specific to some problems. An example is a bid to connect to “the Ledger tab component.” However, he reassured investors about the safety of their assets.
As an update on the development, the company tweeted that it has resolved the disruption encountered by its users. Additionally, Ledger claimed to have resolved all issues within an hour, adding that all systems are operational.
The Ledger support team previously announced the company’s decision to halt swaps from FTX.US and FTX Ledger live temporarily. Recall that Ledger launched its swap integration with the world’s global cryptocurrency exchange, FTX, in July 2022.
The company used a Twitter thread to reveal how the issue hindered users from transacting on its platform. However, amidst the crisis raging in the crypto market, most users remained confident, trusting the company would resolve all issues.
The Ledger Hardware Crisis’ Actual Cause
In a recent interview with a popular media outlet, The Ledger CTO said that it experienced withdrawal issues due to the unexpected massive traffic hitting its server. He added that it was the first time the platform would experience such colossal traffic.
Guillemet added that the massive traffic hike significantly increased response time as the company never anticipated receiving such vast amounts of traffic. Moving on, he updated the media about another possible cause of the issue, which the company observed to be uncommon reload on the device manager activities.
The team attributed the issue to users running an update on their devices or those using new devices. However, the team resolved the issues and revealed plans to strategize restoration and automatic detection.
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