Amazon Web Services Server Failure Knocks Out Two South Korea Crypto Exchanges On Thursday

Amazon Web Services is one of the most-used cloud services in the entire world, so the consistent functioning of its service is crucial to the many users that choose it. Unfortunately, the server failed on Wednesday, impacting much more than the typical user. According to a report from The Hard Fork, there were two crypto exchanges in South Korea that were “forced offline” when the AWS servers impacted the entire nation.

The two exchanges, Upbit and Coinone, quickly stopped functioning. Some e-commerce hubs were also impacted, bringing down their own services for about an hour.

AWS posted a statement, saying,

“Between 3:19 and 4:43pm PST, we experienced increased error rates in the [Asian-Pacific region]. The issue has been resolved and the service is operating normally.”

Based on the maintenance side of Amazon, the area with the biggest suffering from the outage were the networks in Seoul.

Upbit, despite not being in control of the circumstance, apologized to users via several statements for not being able to provide them with a warning before the abrupt interruption occurred. They also notified users that there would be some trades cancelled as a result of the outage, given that they met the conditions laid out. Presently, business is back to normal on their exchange, according to The Hard Fork.

Coinone decided to start undergoing maintenance, announcing their work on their official website. However, as of press time for The Hard Fork, Coinone still has not resumed trading services.

Luckily, the outages involving cryptocurrencies seemed to be specific to exchanges. However, that hasn’t stopped many from believing that cloud computing services, like that of AWS, are the ones hosting some of the biggest public blockchains in the worlds. Only a few months ago, investigations alleged that Bitcoin Cash’s nodes partially being hosted by a rival AWS service, Alibaba.

The Hard Fork noted,

“While the reports went uncorroborated at the time, this technical snafu at Amazon is a stark reminder of the industries reliance on centralized networks, and how damaging this can be.”

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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