November 10, 2020 | AtoZ Markets – Infura, a provider of infrastructure solutions for the Ethereum (ETH) network, is experiencing a service outage. This caused a delay in the flows of ETH and ERC-20 tokens, and some exchanges stopped withdrawing funds.
Service outages began at 08:12 UTC on Wednesday 11 November.
“Our Ethereum mainnet API is currently broken. The team is studying the problem and is working to restore the functionality of the service, ” wrote the Infura developers.
“We have brought additional resources online for the affected components and are continuing to investigate the original cause of the failure. The restoration of the system continues, ”added Infura representatives.
The MetaMask wallet, for which Infura is the main service provider, is experiencing problems.
The withdrawal of funds in ETH and ERC-20 tokens was stopped by the Binance exchange.
Binance briefly paused ETH withdrawals
Binance CEO Changpeng Zhao said the exchange is forced to restrict withdrawals due to the "possible split of the Ethereum blockchain" at block 11234873. He noted that the Etherscan and Blockchair blockchain observers show different chains, but these discrepancies are most likely also caused by a malfunction Infura.
There was a possible ETH chain split at block 11234873. Etherscan and Blockchair are showing two different chains and data after this block. We’re resolving now but have temporarily closed withdrawals. Funds are #SAFU.— CZ Binance (@cz_binance) November 11, 2020
The Block analyst Larry Cermak noted that against the background of the incident, fees on the Ethereum network have sharply decreased. He suggested that many MetaMask users appear to be unaware that they can switch from Infura.
The consequence of this is that gas is super low. Most people don't know they can switch their Metamask from infura pic.twitter.com/1uEHSCAd3c— Larry Cermak (@lawmaster) November 11, 2020
He later noted that problems are being observed on Bithumb, Upbit, Huobi and Crypto.com.
As far as I can tell, the affected exchanges are Binance, Bithumb, Upbit and Crypto com. Are you aware of any others?— Larry Cermak (@lawmaster) November 11, 2020
The service outages have not yet affected the price of Ethereum. Over the last hour, the quotes of the second cryptocurrency in terms of capitalization fell by 0.1%, the coin is trading at around $ 460.
Update: At 09:47 UTC, Infura developers reported that they were able to determine the cause of the problem. The team began preparing a fix to restore the functionality of the service. Binance has resumed accepting deposits and withdrawing funds.
ERc20 tokens deposit and withdrawals resumed.— CZ Binance (@cz_binance) November 11, 2020
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