Cloudfare’s outage suspends several reputable web services, including crypto exchanges

An outage at data infrastructure provider Cloudflare shut down many well-known web services for several hours, including several major crypto exchanges.

The outage, which affected such respected crypto exchange services as FTX, Bitfinex, and OKX, raised new questions about the security of centralized platforms.

Although these centralized crypto exchanges are significantly easier to use, they are much more vulnerable to hacking. After being struck by Cloudflare’s service issues, OKX CEO Jay Hao asked on twitter a “Web3 alternative in the future”.

Meanwhile, rival FTX, the world’s second-largest crypto exchange, briefly went into “post-only” trading mode during the outage. Other cryptocurrency-centric services also saw their servers unavailable during the Cloudflare outage, including block explorer Etherscan and exchange Bitfinex.

This is not the first failure

After a “widespread” outage was resolved today on June 21st that affected many other services including Discord, Omegle, DoorDash, Crunchyroll, NordVPN and Feedly, many of the services affected by the incident were brought back online in about two hours. According to DownDetector, a web monitoring tool that tracks outages, users also reported having trouble accessing Coinbase, Shopify, and League of Legends.

The company did not disclose the cause of the problem, which was reportedly causing similar outages around the world earlier in the week. Cloudflare CTO John Graham-Cumming said the outage hasn’t spread globally, but acknowledged it’s affecting “many regions.”

Cloudfare Validator node

Last month Cloudflare announced the launch of full node staking on Ethereum in the next few months. In addition to ETH staking, the company continues to research the next-generation consensus model.

In particular, the press release states:

“Cloudflare will participate in the research and development of the fundamental infrastructure that contributes to the security, speed and energy efficiency of Ethereum for all”

Cloudflare provides protection against Distributed Denial of Service (DDoS) attacks and other web-based threats for high-traffic websites and portals.

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