Cloudflare downtime disrupts an array of internet services including a drop in Bitcoin (BTC) transactions.
Cloudflare is a major company hosting a number of internet services and websites across the internet.
Bitcoin engineer and expert, Jameson Lopp tweeted:
The Cloudflare DNS outage can be seen reflected in the rate of bitcoin transactions broadcast, presumably because popular web wallets became inaccessible. pic.twitter.com/K0yatyOkLj — Jameson Lopp (@lopp) July 17, 2020
On July 17. Cloudflare posted on its website at 9:46 PM UTC notifying an issue that had come up and that they are looking for the investigation of the same:
“This afternoon we saw an outage across some parts of our network,” Cloudflare noted in an update at 10:09 p.m. UTC. “It was not as a result of an attack.”
The update further added:
“It appears a router on our global backbone announced bad routes and caused some portions of the network to not be available. We believe we have addressed the root cause and are monitoring systems for stability now.”
By 10:57 p.m. UTC, a final update on the situation showed resolution.
According to Loop, Bitcoin’s blockchain did not actually have any outage during the scene though it might have blocked people’s gateway to Bitcoin access.
It affected many websites across the internet including crypto services as, during the event, many people could not access their funds where those crypto services were hosted.
Lopp noted that crypto users still need to rely on centralized storage and exchange options. This itself makes the whole space less decentralized than otherwise what the industry and its ideologies claims to be.
The outage itself and the subsequent issue in accessing the crypto services had only a single point of failure i.e.- Cloudflare.