Major Indian crypto exchange WazirX suffered outages for more than four hours on Sunday due to system outages.
In a tweet at 5:24 PM UTC, WazirX CEO Nischal Shetty reported that the crypto exchange had “reached some internal limits” set by one of the infrastructure providers. The load on Wazir’s system reportedly caused “a ripple effect on all services,” causing some of the exchange’s 1.8 million users to report that they could not see money in their accounts during the outage.
“It’s because parts of the system aren’t working,” said Shetty. “One of those systems is the system that shows the fund value. It will be displayed again when all services are active again. “
The CEO arrived more than four hours later reported that users could see money in their accounts and cancel orders again, but said trading was still off.
No matter how much you prepare for the traffic, some system loads are crazy.
Wallet is safe, yes. The load on our systems is much too high. Scaling takes longer. https://t.co/H5rklCILPm
– Nischal (WazirX) ⚡️ (@NischalShetty) April 4, 2021
According to WazirX co-founder and chief operating officer Siddharth Menon, the exchange was to experience all-time high trades in its systems shortly before the outage occurred. Shetty reported that the company had seen more than $ 270 million in trading volume within 24 hours earlier today, making crypto exchanges one of the largest in India. Additionally, the price of WazirX’s original WRX token is up more than 160% in the past day to $ 4.15 at the time of publication.
Reports have been circulating for several months claiming that the The Indian government is planning to introduce a possible ban on private cryptocurrencies. Shetty has joined representatives from other exchanges in India drawing up a presentation note with recommendations for crypto regulations in the country. WazirX’s CEO said the approach was necessary given the government’s negative stance on cryptocurrencies.