Key highlights:
- The KuCoin website experienced a temporary outage
- The website is now accessible again, although some users are reporting intermittent errors
- Currently, it’s unclear what caused the KuCoin outage, as the exchange is yet to release an official statement
The website of the KuCoin cryptocurrency exchange suffered a temporary outage, with users complaining on social media about being unable to access KuCoin.
The error message displayed to visitors of KuCoin’s website.
Data from Downdetector shows that users began reporting issues with KuCoin’s website at around 2:20 PM UTC+01:00. By 3:30 PM, the number of reports had already decreased significantly.
At the moment, the KuCoin website is accessible again but some users are reporting inconsistent performance with intermittent errors.
So far, the exchange hasn’t addressed the outage on its official Twitter account. However, a KuCoin representative did acknowledge the issues on KuCoin’s official subreddit. A moderator of the official subreddit stated:
“We are well aware of the current error that the users are experiencing on the KuCoin web and app. Our team is already working to resolve this issue as soon as possible. Rest assured that your assets are safe. Please kindly extend your patience.”
There has been some speculation that crypto trading firm Alameda Research withdrew funds it held on KuCoin which were intended for market making activity. Andrew Thurman, the content lead at blockchain analytics platform Nansen, noted on November 7 that KuCoin’s stablecoin balances had decreased by $304 million over a 7-day period. However, it’s unclear at the moment if Alameda is connected to these stablecoin withdrawals.
We should also make it clear that there is no evidence at the moment that the KuCoin outage was in any way connected to these stablecoin outflows. It’s entirely possible that the outage was caused by technical issues, which are not uncommon on cryptocurrency exchanges, especially during periods of higher market volatility.
Mostly, it’s causing people to doubt FTX’s reserves
Huge sums of stablecoins flowing out of FTX ($450 million) and Kucoin ($300 million). Have seen speculation that Kucoin’s outflows related to Alameda pulling funds intended for marketing making activity. pic.twitter.com/BkC6imUimt
— Andrew T (@Blockanalia) November 7, 2022
