Tuesday, April 23, 2019

Wells Fargo Banking Services Platform Out Of Service

Wells Fargo, the sixth largest banking firm in the United States has shut down operations recently due to system issues. The shutdown has caused difficulties for its customers, and it indicates the vulnerability of the centralized system.

Wells Fargo System Shutdown and its Effects

Wells Fargo revealed its system shutdown via a tweet on the 7th of February. The post stated that the firm is experiencing system issues because of the shutdown of one of its facilities. The firm had to shut down when smoke was detected after a maintenance routine. The firm stated that it is working to see the restoration of services and also apologized for the inconveniences the customers are going through.

The shutdown which has lingered for more than 24 hours has placed the customers of the bank in difficulties of accessing financial services. The bank attempted to assuage the fears of customers that the shutdown did not involve system compromise. But they are not calmed with it as many of them opted to tweet to their disdain concerning the shutdown.

Some of the tweets read;

“Well this is what my afternoon consisted of. A long wait time with @WellsFargo. After 71 minutes of waiting only for the call to disconnect, to do it all over again. And still, nothing accomplished. Time to switch.”

Another stated;

“It’s interesting @WellsFargo that it’s one of your facilities that had a small fire when I was told it was a software issue related to a third party provider?? #conspiracy #wellsfargooutage #WellsFargodown”

Also, another stated that;

“I CANNOT BELIEVE this is still a problem. 48 hours been trying to access my account. When are you fixing this?”

Wells Fargo’s Shutdown A Vulnerability Of Centralized System

Amid the ranging issue of the shutdown, Anthony Pompliano, The Morgan Creek Digital founder, stated that the problem is a peculiarity of the centralized system. He noted that Wells Fargo is down today and for multiple hours because of a centralized system server issue. Also, he stated that Bitcoin has been up for about 99.98% since January 3rd, 2009, for over a decade now.

Pompliano further stated that the centralized system affected accessing the services of Wells Fargo while such cannot happen with Bitcoin because of the decentralized feature. He also stated this would continue with the centralized system until people start demanding for the decentralized system that is free from such vulnerability.

Notably, during the system shutdown of Wells Fargo, the crypto winter market also took a relieve with a minor upsurge from recent bear movement.

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