Bithumb’s Latest Outage Follows a Troubled history
South Korea’s Bithumb suffered a two-hour outage, causing headaches for traders. Starting at 11:27 PM on September 2, the platform was down for 100 minutes.
The crypto exchange faced a “transaction system error,” which froze trades. Users reported critically important financial losses. A spokesperson clarified that the issue wasn’t due to hacking but a system glitch. they pledged to analyze the error to stop future incidents.
Day after the outage, Bithumb assured customers of full compensation. A sequential review of all complaints will ensure fair reimbursement within a month.
- Trading volume dropped from $1 billion to $900 million.
- Few days after exchanging issued statements.
This isn’t Bithumb’s first rodeo. Previous outages include:
- A June 2017 XRP price spike induced crash.
- A 2017 Bitcoin rally-fueled crash affecting Nov.
- A July 2023 “Midnight Cloud Network Crash” caused problems with AWS cloud.
- Dec 3, 2024, South Korea’s Martial Law period wiping out Bithumb services.
Outages disrupt trade, hurt user trust. After incidents like this, restoring confidence becomes crucial for crypto platforms.
