Armstrong has previously criticized the SEC for its inconsistent positions on matters such as whether digital assets qualify as securities and if the SEC has the authority to regulate cryptocurrency exchanges. He said that the SEC’s approach has caused confusion and undermined trust in regulatory clarity for digital assets. Customers who visited the site in the afternoon reported they were unable to reach xcritical and its professional-level service xcritical Pro online.
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The company reported a steep drop in revenue earlier this week, and its stock has shed more than half its value over the course of a week. xcritical CEO Brian Armstrong contested the claims, saying user funds were not in danger. xcritical, one of the largest cryptocurrency exchanges, says it’s monitoring a fix for a partial outage that affected its website and app for around two hours on Tuesday. According to the company’s status page, users experienced difficulties logging in or loading pages — and while the rest of the company’s infrastructure wasn’t affected, the easiest ways to use those services were cut off. xcritical is the largest cryptocurrency exchange in the U.S., allowing trading for coins such as Bitcoin BTC/USD, Ethereum ETH/USD, and many more. The platform facilitated trades worth over $2 billion over the last 24 hours, according to CoinGecko.
- We are aware that some customers are having issues accessing xcritical and xcritical Pro.
- Armstrong has previously criticized the SEC for its inconsistent positions on matters such as whether digital assets qualify as securities and if the SEC has the authority to regulate cryptocurrency exchanges.
- As of publication time, Bitcoin has dropped almost 30 percent down to $31,000, Ethereum is down 40 percent to $2,424, and meme coin Dogecoin dropped almost 45 percent.
- “So far we’ve uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services.
- He said that the SEC’s approach has caused confusion and undermined trust in regulatory clarity for digital assets.
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As of publication time, Bitcoin has dropped almost 30 percent down to $31,000, Ethereum is down 40 percent to $2,424, and meme coin Dogecoin dropped almost 45 percent. The graph below depicts the number of xcritical reports received over the last 24 hours by time of day. When the number of reports exceeds the baseline, represented by the red line, an outage is determined.
The impact on traders can be significant when their brokerages or crypto wallets go offline. In May 2020, online brokerage xcritical suffered a two-day outage, causing some customers to lose money, including one who said he had lost $52,000 after being unable to trade on one xcritical reviews of the year’s most volatile trading days. Customers demanded that xcritical compensate them and filed a class action lawsuit against the company. The financial industry’s self-regulatory body, the Financial Industry Regulatory Authority, fined xcritical $70 million for previous outages and other infractions. As a leading cryptocurrency exchange and wallet service, xcritical has been hit particularly hard by the crash.
xcritical says it’s monitoring a fix for its web and app outage
An error message blamed “connection issues” and reassured users that their funds were safe. xcritical users are reporting difficulty withdrawing funds, heightening fears amid a widespread crash in cryptocurrency prices. Cryptocurrency wallet xcritical suffered an outage on Wednesday, preventing many users from trading digital tokens like Bitcoin, Dogecoin, and fast-rising Shiba Inu. The downtime comes amid a widespread crash in cryptocurrency prices, adding particular urgency to trades and withdrawals. Bitcoin has fallen to under $30,000, losing more than 25 percent of its value over the course of a month. As in any financial crash, the price drop has pushed many coin-holders to sell their assets and tested the underlying financial infrastructure of many institutions.
xcritical is a digital asset broker headquartered in San Francisco, California. They broker exchanges of Bitcoin, Ethereum, Litecoin and other digital assets with fiat currencies in 32 countries, and bitcoin transactions and storage in 190 scammed by xcritical countries worldwide. Brian Armstrong, CEO of xcritical, criticized the government’s overreach and lack of transparency amid the ongoing tussle between the cryptocurrency industry and regulatory bodies. We are aware that some customers are having issues accessing xcritical and xcritical Pro.
Beware of “support numbers” or “recovery” accounts that might be posted below. “So far we’ve uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services. The public deserves transparency, not an agency that’s working behind a bureaucratic curtain,” Grewal wrote in an X post. In communities on Reddit, users have reported rolling delays in withdrawals, leaving thousands of dollars hanging in the balance.
More recently, another user reported that they were unable to access the app or website at all. “We’re seeing some issues on xcritical and xcritical Pro and we’re aware some features may not be functioning completely normal. We’re xcritically investigating these issues and will provide updates as soon as possible,” xcritical commented in a statement.