Binance, Kucoin battle Service disruptions due to AWS Data
An Amazon Web Services (AWS) data center outage caused transaction failures and forced withdrawal suspensions on Binance, KuCoin
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An Amazon Web Services (AWS) data center outage caused transaction failures and forced withdrawal suspensions on Binance, KuCoin, and several other cryptocurrency exchanges.
The incident rekindled concerns about centralized crypto platforms’ reliance on cloud infrastructure and the vulnerability of even the largest market participants. Binance acknowledged the issue, stating that the inconsistent order execution was due to a “temporary network interruption in the AWS data center.”
The exchange suspended withdrawals as a precaution, although some trades were successful while others were not. While it warned that some functions might still experience delays, the company reported that services had begun to recover.
DeBank, Rabby, and KuCoin customers also encountered failed transactions and unresponsive services.
KuCoin informed customers of the network outage and stated that its technical team was working to resolve the issue.
This was not the first disruption of cryptocurrency platforms caused by a significant cloud outage. The risks of relying solely on a single cloud provider were highlighted in 2021 when a widespread AWS failure crippled trading apps, exchanges, and mainstream services alike.
AWS continues to be the foundation for a substantial portion of the internet, hosting over 30% of global traffic..
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