Popular exchange Crypto.com, and the platform behind the weekly Syndicate events, went down globally for users in the late hours of September 20, after what seems to be a system outage. An outage, who’s ‘root cause is still being investigated’, according to CEO Kris Marszalek.
The platform paused all deposits, withdrawals and trading functionality beginning 6PM UTC on September 20. With the platform still down more than 12 hours later, many users were justifiably worried about their funds. CEO Kris took to Twitter in an attempt to share details and pacify users
Update on the overnight system maintenance:— Kris | Crypto.com (@Kris_HK) September 21, 2020
1. Funds are safe.
2. The maintenance will likely take 24-48 hours
What happened? See thread below.
According to Kris, while the cause of the outage remains unknown, the shutting down of the platform was deliberate. The price of the ETH/USDT pair jumped to a whopping $79,000 amidst the outage. Some users were indeed able to lock in gains. However, he platform’s risk management system activated right after and prevented any withdrawals.
Now, some of what Crypto.com calls ‘illegitimate trades’ will be reversed, and balances will be restored. Whether this will be a controversial move remains to be seen based on the crypto community’s reaction once the exchange goes live. But when exactly is it going to go live?
At the time of writing, the Crypto.com app seems to be back online, but its exchange remains down. Kris says the exchange is ‘under maintenance’, and is likely to remain so for a full period of 24 to 48 hours. Naturally, this has users worried. Maintenance, after all, is typically not a 24 hour activity.
But then again, Crypto.com seems to have been transparent so far. Kris is also committing to regular updates throughout this period until the exchange goes online. And if Crypto.com’s narrative of the events is correct, the exchange’s risk systems do seem competent.
What do you think about Crypto.com’s Maintenance, let us know in the comments below!