Cloudflare Outage Impacts Crypto, Dating, and Shopping Platforms

Cloudflare, the web performance and security company, experienced a widespread outage around 2:30 a.m. on Tuesday, impacting multiple sites across the web.

"The Cloudflare team is aware of the current service issues and is working to resolve as quickly as possible," the companytweetedaround 3 a.m.

Popular platforms that use Cloudflare's technology including Discord,Shopify, Grindr,Fitbit, and Peloton — along with popularcryptoexchanges such as FTX, Bitfinex, and OKX — were among the companies affected by the outage.

By 4:08 a.m., Cloudflare tweeted again that the "incident has been resolved."

Still, the outage impact on thecryptospace raised concerns regarding the overall security of centralized cryptocurrency platforms,TechCrunchreported.

Related:Crypto Exchange Shuts Down Withdrawals After Hackers Reportedly Steal $33 Million in Bitcoin, Ethereum

WhenFTXwas down, it forced users to trade in a "post-only" mode, meaning an order could only be placed by a "maker" (someone who sets a price to buy or sell).

The incident furthers the debate between centralized versusdecentralizedexchanges. While centralized exchanges are monitored by regulators, some argue they are more susceptible to hackers due to a larger volume of traders.

Decentralized exchanges—which involve a direct transaction between users — still incorporate risk, but the assets are stored in the self-custodian wallets rather than on an entire platform. The scale of losses in crypto due to the Cloudflare outrage is still unclear.