What is Cloudflare? Internet outages explained

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Web performance and security company Cloudflare experienced a widespread outage Tuesday at around 2:30 p.m., affecting multiple sites across the Web.

“The Cloudflare team is aware of current service issues and is working to resolve them as quickly as possible,” the company said. tweeted around 3 o’clock

Popular platforms using Cloudflare’s technology including Discord, Shopify, Grindr, Fitbit and Peloton – as well as popular crypto exchanges such as FTX, Bitfinex and OKEx – were among the companies affected by the outage.

As of 4:08 a.m., Cloudflare retweeted that “the incident has been resolved.”

Nevertheless, the outage impact on the crypto space raised concerns about the overall security of the centralized cryptocurrency platform, techcrunch informed of.

RELATED: Crypto Exchange Stops Withdrawals After Allegedly Stolen $33 Million in Bitcoin, Ethereum

When FTX was down, it forced users to trade in “post-only” mode, meaning orders could only be placed by a “maker” (someone who sets the price to buy or sell). .

The incident escalates the debate between centralized versus decentralized exchanges. While centralized exchanges are monitored by regulators, some argue that they are more vulnerable to hackers due to the large volume of traders.

Decentralized exchanges—which involve direct transactions between users—still involve risk, but assets are stored in self-custodian wallets rather than across platforms. The scale of the loss in crypto is still unclear due to Cloudflare’s outrage.