Crypto.com Experiences Database Error, Blocks Deposit And Withdrawals
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Crypto.com Experiences Database Error, Blocks Deposit And Withdrawals

September 22, 2020      Jyoti Singh

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.

Crypto.com Risk System Block Withdrawals

Soon after the incident, the CEO of of the payment platform, Kris Marszalek, tweeted that presently, some of its users have been restricted by the risk system of the platform from making any kind of withdrawal. 

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.

Crypto.com Users Manipulated Price Of ETH

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. 

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#CEO of Crypto.com #Deposits #ETH/USDT #Kris Marszalek #Risk System #Withdrawals
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.