Crypto.com recently experienced a database error, therefore, it decided to block all kinds of deposits and withdrawals on its platform.
On September 21, while notifying about the problem, Crypto.com stated that soon after the error appeared on its platform, it noticed that some of its users started taking advantage of it.
Marszalek mentioned the risk system did so because when platform’s services were interrupted those users tried to take advantage of it by manipulating the price of the Ethereum.
The CEO of the firm has mentioned that on September 21, an unexplained database error appeared on the platform, which caused the outage. To find out further details regarding the error, Crypto.com is still investigating this matter.
Marszalek, in his tweet further mentioned that Crypto.com has not suffered any kind of financial loss. Also, the deposits and balances on the exchange are safe now.
Crypto.com CEO has notified that it will resume the normal services on its platform within 48 hours.
Marszalek stated that the database bug problem began overnight on September 21, and because of that, the services on the platform got interrupted. Later, the exchange found that some of its users have been taking advantage of this problem, as they started manipulating the price of ETH/USDT on the platform.
In order to lock in the huge profit, the users started selling the ETH/USDT to other coins. At that time, the price of ETH reached over $1 million.
However, soon the risk system of the platform flagged and blocked the transaction processed by the users of Crypto.com.
Later, the CEO of Crypto.com apologized to its users for the inconvenience they had to suffer because of the service outage and promised them to strengthen the system as soon as possible.