Bithumb faces flak for server checkup at crucial time
PUBLISHED :July 25, 2018 - 16:01
UPDATED :July 25, 2018 - 16:27
[THE INVESTOR] An extended server checkup by Bithumb, Korea’s major cryptocurrency exchange, has drawn the ire of users as bitcoin prices have recently begun to rise after a long lull.
Give the situation, some users are complaining about the timing. Services were suspended from midnight on July 25 for nine hours to strengthen performance and security of its database, the company said in a statement.
However, after the server upgrade, the exchange encountered unexpected errors and an emergency maintenance had to be undertaken for five hours in the afternoon, a company official told The Investor.
Users are now saying the timing could not be worse. “Every time the market rises or falls dramatically, it shuts down services for a checkup,” a Bithumb user said on the condition of anonymity. “I couldn’t make transactions at critical points. I wonder whether Bithumb is doing it on purpose.”
Prices of cryptocurrencies have been on the upward trend in the past week on the back of news that some traditional financial institutions such as BlackRock and Goldman Sach are considering getting more involved with cryptocurrencies and authorities are considering some deregulation around the world.
Analysts said the boost in the last two days was mainly due to expectations that the US Securities and Exchange Commission was close to approving bitcoin-related exchange-traded funds.
On July 24, SEC said it has delayed deciding on approving five bitcoin-related ETFs until mid-September. In addition, it is also reviewing other bitcoin ETFs filed by investment firm VanEck and financial services company SolidaX.