- Crypto.com suffered a price glitch with ETH over the weekend, causing unscheduled maintenance
- Crypto.com handled the maintenance strangely, leaving many users in the dark and without answers
- All appears to be well and normal at crypto.com, with trading resumed late on Tuesday
Centralized exchanges often like to toot their own horn, but it’s these very exchanges that love to shit the bed and leave their customers high and dry. Over the weekend it was the turn of crypto.com.
Crypto.com performed some maintenance over the weekend, but it ran a lot longer than expected and their app had a little meltdown. Prices of cryptocurrencies were vastly exaggerated, and as users could log in, they presumed they could trade, but no.
Maintenance Gone Wrong
Many users were taken by surprise when their balances showed that Ethereum was worth hundreds of thousands of dollars. Thinking the pump was real, they tried to place sell orders. But, much to their dismay, they were unable to place orders. Other users were shown messages that their IP address had been blocked by website owners – not what you want to see when your crypto is all locked away on the app.
Sell the pump😂 pic.twitter.com/mpW8U8FX78
— Borota vasile (@VasileBorota) September 20, 2020
What Triggered the Maintenance?
Right before the app went into maintenance mode, there was a glitch in the price of Ethereum on the app. The price spiked by thousands of percent, leaving many ETH hodlers thinking they’d hit the jackpot. Before anyone could try to cash out and take advantage of this glitch, crypto.com put the app into maintenance mode, resulting in widespread panic. People’s accounts showed as empty, some people’s accounts appeared as if they did not even exist. The whole fiasco lasted for just over 9 hours for some users.
Update: Deposits, withdrawals, and trading for our Exchange and App are still paused, while the team is working on the temporary system maintenance.
We will update once trading is resumed. Rest assured that your funds are safe with us. We apologise for any inconvenience caused.
— Crypto.com (@cryptocom) September 20, 2020
Not Your Keys, Not Your Crypto
As usual, there was an army of Twitter users claiming they were planning on making trades and that because of the “maintenance” that they lost out on making money. While this could be true, there are terms and conditions that say they don’t owe you a cent. Whatever you were planning on doing. Hopefully you took the Telegram admin’s advice and enjoyed your weekend without relying on its app…
And admin in Your telegram saying we should all laugh about it. pic.twitter.com/WlGVrwVRNu
— Kismet Kitteh (@KryptoKitteh_Uk) September 21, 2020
This incident highlights just how important it is to be the holder of your own keys and how dangerous storing all your savings on a centralized exchange can be. Had there been a hack and funds were truly siphoned off, then you could have lost everything. So, do yourself a favor, just lave what you need on the exchange and put the rest on a hardware wallet – you know it makes sense.
Everything seems to be back to normal now at crypto.com, but who’s to say further glitches aren’t in the app’s future. Leave what you need on the exchange and put the rest on a hardware wallet. If you don’t follow this advice, don’t come crawling back to us when you lose everything because your precious exchange got hacked or exit scammed as many have before.