As Bitcoin’s price started to tank on Sunday, the Deribit futures trading platform, which has been in the headlines recently for the wrong reasons, had a bout of unplanned downtime.
Many traders feel the timing was detrimental and left many at a disadvantage. The exchange explained that an internal system error forced them to restart all their nodes.
This caught the ire of many users on Twitter who found the timing of the error to be suspicious, and the unplanned downtime to be a great annoyance given the way the price of Bitcoin was going at the time.
However, Deribit was not the only exchange to go down at such a critical time. Binance also decided to run a system upgrade that kept the exchange doors closed for between two and four hours on Sunday. However, Binance’s upgrade was scheduled, and a fair warning was given.
Disasters for Deribit Bitcoin Traders
Deribit offers Bitcoin futures and options trading, but it was last in the news at a time when a number of key cryptocurrency exchanges were having issues. It began with BitMEX sending out a mass email to some of its customers using ‘to’ instead of blind carbon copy and doxxing thousands of customers. Then, Deribit came forward to admit that an error on their end led to a Bitcoin flash crash.
The price of Bitcoin fell temporarily to $7,700, which caused traders on margin to incur substantial losses, but the exchange did come forward and state they would be reimbursing the losses.
The recent system error has rubbed more salt in the exchange’s wounds predominantly because of its timing but also because it was reportedly a system issue of which a fix could not be put off or scheduled.
Every time you have unplanned maintenance it just so happens to be the most critical time for price movement.
You say internal system error but the timing is just so unbelievably suspect every time. It really is a bit sus guys.
— Jon (@JonAddison6) November 25, 2019
Despite Binance announcing its upgrades, the…