The leading cryptocurrency wallet maker, Ledger’s server, experienced an outage due to massive outflow from other crypto exchanges to Ledger security and self-sovereignty solutions following the collapse of FTX.
According to Ledger CTO Charles Guilleme, cryptocurrency users are rapidly shifting their holdings from crypto exchanges to Ledger.
Guilleme tweeted, “After the FTX earthquake, there’s a massive outflow from exchanges to @ledger security and self-sovereignty solutions. We see a massive usage of our platforms and had a few scalability challenges this night.”
Some users were unable to execute any transactions using Ledger Live due to outages, including withdrawals.
Ledger announced its server outage has been resolved, and all systems are operational after about an hour.
A few hours later, Ledger announced FTX and FTX US swaps were temporarily paused in Ledger Live, and users were informed they could still use other swap providers in the meantime.
The CTO of Ledger noted that “Traffic has increased significantly over time, even without major industry events,” and that Ledger has experienced many traffic surges following the bankruptcy of Celsius, the Solana hack, and the FTX bank run.
Also Read: Why is FTX’s FTT Token crashing down?
