- AWS failure affects crypto exchanges Binance, KuCoin, Huobi, and FTX.
- With immediate response, the issues were already resolved.
- Security and operations of centralized crypto exchanges may arise.
The recent Amazon Web Services (AWS) failure affected leading cryptocurrency exchanges on Friday. Binance, KuCoin, Huobi, and FTX announced delays in their platforms’ deposit, withdrawal, and trading at the time.
According to AWS, issues began at 07:09 AM PST at Amazon Elastic Compute Cloud (Tokyo). This is when systems particularly began to overheat. At 11:26 AM PST, an immediate response resolved all issues.
In detail, Amazon Web Services offers a broad set of global cloud-based products. These services aim to help organizations around the world to move faster and be scalable with affordable IT costs. Overall, AWS provides storage, databases, analytics, developer and management tools, IoT, and enterprise applications, among others.
Aside from this, Amazon seems to be preparing to launch a crypto project for emerging markets. In fact, the firm is already hiring several job roles like Software Development Engineers and Managers for the upcoming project.
Binance, KuCoin, Huobi, and FTX are some of the most trusted centralized crypto exchanges in the market. With inevitable outages like this one, concerns about the security and operations of these exchanges may arise. Furthermore, the essence of decentralization can keep these situations manageable in the future.
In retrospect, last December 2020, Google services have abruptly gone down in different parts of the world. Yet, the Bitcoin network was still up and running. This makes blockchain favorable and less vulnerable to network failures.