Ledger, A Provider For Crypto Wallet Reports An Issue Following FTX Bloodbath

Ledger, which is known for the manufacturing and offering of cryptocurrency wallets has notified users of some issues.

Massive Crypto Outflow

The platform known for the manufacturing of hardware wallets has revealed that it has faced a major outflow of crypto. As per Ledger officials, the outflow has been recorded from multiple crypto exchanges.

The teams have revealed that they have faced the outflow due to the bloodbath that was recorded for the FTX cryptocurrency exchange. The information has been shared by the chief technology officer at Ledger.

Usage and Scalability Challenges

On November 9, Charles Guillemet, the chief technology officer at Ledger talked about the issue they had faced with the platform.

Guillemet revealed that they have faced massive issues that were related to the usage of the wallet platforms. Additionally, they also faced a few issues and challenges with the scalability of the platform.

Charles Guillemet made the statement about the issues via Twitter.

The reason behind the Challenges

While providing reasons behind the usability challenges, Guillemet revealed that it was due to the global issues faced due to FTX.

On November 8, FTX, a major cryptocurrency exchange faced a major crash that ended up dragging down the entire cryptocurrency market.

Due to the crisis, investors started to withdraw their holdings and funds from all the exchanges. The major concerns of the investors were to liquidate their holdings to avoid facing any losses.

If the investors were not liquidating their holdings, they were moving them to their wallets. Therefore, as the influx surged tremendously into the Ledger wallets, they started to face the mentioned challenges.

The users also continued moving their funds from the exchanges to the solutions that offered them self-sovereignty.

Guillemet went on to confirm that although they faced the issues, they were finally able to fix them.

Instances of Issues

It was on November 9 when Ledger officials started to face issues with the wallets. The issues started at around 11:00 pm UTC and they were successfully resolved at 5:00 am UTC.

It was confirmed that the server of Ledger Live, the hardware wallet interface app was facing downgraded performance. However, they were finally able to find a fix to the problem and resolved the problem as soon as they could.

Services Paused Temporarily

Ledger teams also confirmed that while fixing the problem, they had paused the FTX.US and FTX swaps on their Ledger Live server. They had halted the mentioned services for a temporary period.

During the outage, some of the users did face issues pertaining to the transactions. They were unable to send the transactions as they used the Ledge Live platform.

The users reportedly faced the same issues when it came to making withdrawals.