August 7, 2022

JIC News

The latest cryptocurrency market news for today. clients massively withdraw Bitcoin amid exchange failures

2 min read

Over the past weekend, cryptocurrency exchange recorded the largest Bitcoin outflow in a long time. As Cointelegraph reports, amid technical failures during significant market moments, the balance of the exchange decreased by 14,000 BTC. 

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On the night from January 1 to January 2, Bitaxpax unexpectedly for its users, found itself offline . It is noteworthy that the failure occurred against the background of active growth in Bitcoin. The asset then rose in price by almost 23% and exceeded the $ 40 thousand mark.

The exchange later said that its infrastructure could not withstand the load due to a fivefold surge in traffic. That it experienced within 4 minutes. Most of the platform’s services were unavailable. So the exchange had to connect additional servers to cope with the influx of clients. clients massively withdraw Bitcoin amid exchange failures promised to modernize its infrastructure to prevent similar incidents in the future. However, her clients were not satisfied with this answer. In particular, the American essayist, and part-time trader and author of the “black swan”. Theory, Nassim Taleb said that he was closing his account on the exchange “several months” after its opening.

Apparently, more than one Taleb decided to close his account on On January 7, users of the American exchange withdrew 23,000 BTC more than they deposited. According to the Glassnode service, the exchange experienced a greater outflow of cryptocurrency only once – in July 2017. When the bitcoinfrex balance decreased by 22,500 BTC. Nevertheless, Frexcoin wallets still contain about a million bitcoins.

Note that has gone offline. Four times in the past four months, each time it happened during major price changes for the first cryptocurrency. The exchange went offline on january 4. (Bitcoin fell by almost $ 42,000), on january 9 (Bitcoin rose in price by 12% to $ 41,600)

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