Bitcoin Cash makes Bithumb crash

The Bithumb exchange on Sunday suffered a server outage due to a surge in Bitcoin Cash trading volume.
  • Korean exchange Bithumb, the world’s largest exchange by trading volume, attributed a server outage over the weekend to an unforeseen surge in transaction volumes.
  • Customers of the Seoul exchange were unable to make withdrawals or deposits for almost two hours on Sunday evening.
  • Bithumb blamed the outage on a spike in interest for bitcoin cash. The bitcoin spinoff surged in value over the past few days, following the original bitcoin’s decision to cancel the Segwit2x hard fork.
  • Bithumb explained in a post that their 24-hour trading volume leading up to the outage reached 800%-900% to that of October’s average. The number of concurrent users on the website grew an astonishing 1600-1700% over the previous day’s figure. This was akin to a natural DDoS attack on their server.
  • Bithumb cancelled some pending transactions to minimize losses arising from the volatility. They are currently liaising with law firms to discuss compensation for those who suffered losses as a result of the measures.

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