The world’s largest crypto exchange, Bithumb Korean exchange is getting an unexpected surge in transaction usage. Since it is due to server connection failure.
The Coinhills data reveals that Bithumb is the world’s largest crypto exchange by trading volume nearly 18% globally. Bithumb has explained on its website, this week, that cause of server failure. Due to which users were unable to make withdrawals nor deposits around for 2 hours.
Prominently, Bithumb confirms the number of invalidation pending transactions. As to lessen damages baring of instability during its server outage. However, it reveals that trading volume reaches outage up to 800%-900%. Due to raising in internet connection up to 3 Gbps in bandwidth. It has resulted in unprecedented traffic that crippled Bithumb’s servers.
“The market prices of some virtual currencies fluctuates up to 30% and users were expecting to suffer damages. Therefore, in order to stabilize the transactions and minimize the damages, we canceled pending transactions that happened prior to the service check [outage] by the lump”.
Additionally, Bithumb confirms regarding the compensation payouts to a user who was under losses. It declares to make a quick announcement as to when the plan is confirm.
Moreover, this isn’t a first time that Bithumb exchange had problems. In June, the customers’ details were stolen from an employee’s computer. Thus, Korean exchange had promised to compensate users for monetary losses.