FTX CEO SBF Disagrees With Server Downtime Amid August CPI Release

Crypto exchange FTX’s CEO Sam Bankman-Fried disagrees with any downtime in the crypto exchange during the August CPI data release. However, many traders reported that the FTX server was down as they were facing difficulty placing their trades.

“FTX Didn’t Actually Go Down”- FTX CEO SBF

After the August CPI data announcement, the total crypto market cap plummeted by over 5%. The Bitcoin (BTC) and Ethereum (ETH) prices tumbled over 5% and 8% respectively as the CPI comes at 8.3% vs 8.1% expected. However, U.S. inflation has dropped to 8.3% from 8.5% in July and 9.1% in June.

As a result of the volatility in the crypto prices after the CPI release, many traders reported that the FTX crypto exchange is down as they face difficulty placing their orders. Traders were frustrated as the downtime prevented them from making changes to their trades. According to Coinglass, over $150 million in positions were liquidated in an hour.

However, FTX CEO SBF in a tweet pointed out that there was no downtime with the exchange, but the website auto-refreshed continuously for many traders. Also, the team is working to fix the issue.

“Sorry about that — FTX didn’t actually go down but the website did wonky auto-refreshing for a lot of people which was pretty frustrating, rolling out a fix for that momentarily.”

Meanwhile, FatMan, from the Terra research forum, attacked SBF for lying on the issue. He believes it was not a website or front-end bug, but the actual server wasn’t accepting orders. The “ExchangeNotAvailable” error was disclosed by FatMan.

“Can crypto companies please stop lying to their customers for PR & marketing? Yes, you too, Binance, you know what you did with UST.”

FTX recorded 12k trades in a minute, which might have caused the issue. Interestingly, it is the highest number of trades in 5 minutes in the last 4 months.

Crypto Market Falls After the CPI Release

The crypto market corrected sharply after the August CPI release. Bitcoin price has dropped from $22,673 to $21,011. Moreover, the Ethereum price falls to its psychological level of $1500.

Wall Street giant Goldman Sachs expect a 75 bps rate hike in September and 50 bps rate hikes in November and December.

TAGS
FTX

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.