WazirX, Coinbase crash after cryptocurrency plunges; traders go berserk on social media

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WazirX | PC-Shutterstock

WazirX, one of India’s largest cryptocurrency trading platform crashed for about an hour following Bitcoin downsurge which declined almost 30 percent to $31,000, wiping out more than $500 billion in value from the coin’s peak market value.

With the trading platform crash, people took to microblogging websites and and complained about wrong valves of coins, payment issues, exchange issues and app issues.

Meanwhile, the trading app said that they are investigating the issue and working on a fix.

The website took to the microblogging website and wrote: “Reports of delays in app. We’ve received reports that you’re facing delays in trading, viewing order book and trade history on WazirX app and website. We’re investigating the issue and working on a fix. We’ll update you as soon as it’s done. Thank you for your support! (Sic)”

On May 4 too, WazirX crashed for about an hour due to a spike in Dogecoin’s price, resulting in frenzied trading.

Apart from WazirX, Crypto-exchange Coinbase too was down or some users Wednesday morning as digital coins plunged. However, the firm said in a tweet that they have put a fix in place and are monitoring the results.

“We’ve put a fix in place and are monitoring the results, however you shouldn’t run into any more trouble logging into Coinbase and Coinbase Pro. We sincerely apologize for any trouble caused by this issue, and we thank you for your patience with us today,” the company said in a tweet.

Here are some of the people’s reactions:

Some of them even shared memes.

Earlier in the day, the world’s biggest and best-known cryptocurrency — Bitcoin — fell about 9 percent to as low as $38,940.04 and slipped below a key 200-day moving average.

The other coin linked to the ethereum blockchain network Ether dropped about 15 percent to $2,875.36, reported news agency Reuters.