Exchanges & BrokersNews

Customers Experience Outage On WazirX Exchange

The boom of the cryptocurrency space might have birth new technologies and innovations within the Blockchain space, amidst a host of other new developments in the space, but there is still work to be done. However, the space is not yet devoid of several vices like crypto scams, hacks, etc., which has continued to paint the Blockchain space’s image in negativity. However, yesterday was a sad day for the top Indian cryptocurrency exchange- WazirX, as many of its customers took to social media to express their displeasure with the exchange, perceived to be under attack.

WazirX developers were able to restore the situation promptly

In a tweet yesterday by the Exchange’s CEO- Nischal Shetty, the Executive tried to explain to their customers via tweet, confirming that the exchange experienced some internal issues within their system. Shetty further explained that their developers were having a slight issue with re-starting their server, and the exchange was facing network issues. Before his tweet, many users of the crypto exchange have taken to Twitter to show their displeasure with not accessing their accounts.

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Many of the users who were able to log in to the system could not see their funds in their account balance. However, Shetty explained that the system is currently undergoing some internal revamping, and that is why their users were unable to perform any form of activity yesterday. The Executive also confirmed that their wallets were safe, as the upgrade is not any form of attack or hack.

Fortunately for the exchange and its users, things slightly returned to normal after a few hours. However, while Shetty confirmed that the systems were stabilized, many of the users still had complaints. Many users confirmed that they could see their balance and go through the system as expected, but they couldn’t trade. However, in Shetty’s last tweet, he confirmed that the system is still trying to get back up, and trading will resume as soon as possible on the platform.

Menon believes that the WazirX system was overwhelmed with requests

However, speaking to the press a few hours after the unfortunate situation, the exchange’s Chief Operating Officer- Siddharth Menon, apologized to their users for any form of inconvenience that they must have caused them. Menon believes that their system was overwhelmed by the amount of traffic coming its way, hence why it broke down a bit.

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However, Menon is convinced that the new upgrade, which has started to take its place since yesterday, will fix issues like this in the future. According to Menon, the exchange had witnessed more than $200 million trading volume before the shutdown, which was why they experienced an outage. WazirX is one of the leading crypto exchanges in India, and its Executives are one of the prominent names requesting the nation’s regulatory body to regulate cryptocurrency trading, as opposed to banning the operations of the digital asset trading in the country.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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