Cloudflare experienced an outage on Tuesday, June 21, that has affected major global services, including the biggest centralized crypto exchanges (CEXs).
“A critical P0 incident was declared at approximately 06:34 AM UTC. Connectivity in Cloudflare’s network has been disrupted in broad regions”, Cloudflare mentioned in its incident report.
After 92 minutes of Cloudflare’s down, the incident has been resolved at 08:06 AM UTC.
The Cloudflare outage raises safety concerns for users keeping one’s funds on CEXs.
disBalancer provides its data on the 12 biggest CEXs’ downtime monitoring report on June 21, making it possible to scale the approximate losses caused by the Cloudflare outage based on the daily trading volume provided by CoinMarketCap on June 20.
According to disBalancer downtime monitoring, there were crypto exchanges that suffered the longest downtime Gate.io (1h 20 min), AscendEX (1h 20 min), Coinbase (1h 19 min), OKX (1h 19 min), Blockchain.com (1h 19 min), Crypto.com (1h 17 min).
The largest losses in trading volume among the 12 largest crypto exchanges were detected on Coinbase ($109,083,180), OKX ($93,475,456), Gate.io ($77,789,159)*.
Binance and Gemini exchanges were not affected by the Cloudflare outage.
Сentralized exchanges lost millions of dollars because they did not set up their own system of resistance to DDOS attacks but decided to delegate it to Cloudflare. It was not the first time Cloudflare outages caused the downtime of popular apps and web resources.
Earlier, Cloudflare rebuffed Ukraine’s request to cease operations with Russian clients. Given the situation, the true causes of the Cloudflare outage remain unknown.
*Trading volume data is volatile, so estimates are approximate.