In a detailed report, the exchange BitMEX clarified the problems of the last days that led to the temporary closure:
The BitMEX Trading Engine is currently down. We're working to bring it back online as soon as possible. Further updates to follow shortly. For official updates please follow https://t.co/fVa1FA9hNo
– BitMEX (@BitMEXdotcom) May 19, 2020
The report begins with an apology from the exchange, which had to close operations for a period of approximately 90 minutes. At that time, no transactions could be made. The report goes on to explain what happened.
The problem occurred on May 19 around 12:00 p.m. UTC, when the restart of commercial servers. In just 13 minutes, emails were sent warning users of the problem.
Half an hour after the servers were restarted, the servers unfortunately restarted a second time. The problem was caused by a hardware failure, while the actual restart only started an hour later, at 1:40 PM, when the various business operations resumed.
BitMEX has stated that it is always working to improve and secure its systems, but cannot guarantee that this problem will not happen again in the future. Also, due to the closure, have been canceled more than 38,000 ordersSince the exchange has integrated a “Dead Man Switch” function for those who use APIs, it allows setting a timer to cancel the order if the exchange is not available for some reason.
This illustrates how centralization of exchanges is a problem that should not be underestimated It can also cause crashes due to hardware problems. They are also exposed to external attacks that can happen every day. In fact, in the comments on what happened, it is pointed out that these types of platforms are not safe and an invitation is made to use decentralized exchanges or platforms that offer similar products such as dYdX.