“The load on our systems is too high,” says CEO Nischal Shetty.
The major Indian crypto exchange WazirX has experienced downtime caused by system failures for over four hours on Sunday.
WazirX CEO Nischal Shetty reported in a tweet at 17:24 (UTC) that the crypto exchange has reached “some internal restrictions” set by one of the infrastructure providers. It was reported that the load on Wazir’s system had “a fluctuating effect on all services” and caused some of the exchange’s 1.8 million users to report that they could not see any money in their accounts during the outage.
“This situation occurred due to some parts of the system not working,” Shetty said. Such a system is the system that shows the value of funds. When all services are backed up, they will start showing again ”.
More than four hours later, the CEO reported that users were once again able to see the money in their account and cancel orders, but said trading was still disabled.
According to Siddharth Menon, co-founder and CEO of WazirX, the stock market was experiencing an all-time high trade in its systems shortly before the outage occurred. Shetty reported that the firm saw more than $ 270 million in trading volume in 24 hours today, making crypto exchanges one of the largest in India. Additionally, the price of WazirX’s native WRX token increased by over 160% over the last day to $ 4.15 at the time of release.