Bitcoin Unaffected By Global IT Outage, Prediction Markets Don't See Quick Resolution
A faulty software update from cybersecurity firm CrowdStrike has triggered a massive global IT outage, affecting thousands of Windows-based systems across various sectors including aviation, banking and healthcare.
What Happened: The incident, which began with reports from Australia and New Zealand before spreading to Asia and Europe, has caused significant disruptions to businesses and services worldwide.
The update to CrowdStrike’s Falcon Sensor security product resulted in the infamous “blue screen of death” (BSOD) on affected systems, rendering them inoperable.
Airports have reported flight delays and cancellations, with major U.S. airlines including Delta, United and American facing groundings.
The Federal Aviation Administration issued ground-stop orders for most major airlines in response to the crisis.
Financial markets have also felt the impact, with the London Stock Exchange reporting technical issues with its news service.
Polymarket bettors are skeptic about a swift resolution, predicting an 38% chance that the issue will be resolved by Friday night U.S. eastern time, down from over 80% in the morning.
The market also suggests only a 9% probability that the outage was caused by a hack.
Amid the turmoil, Bitcoin (CRYPTO: BTC) is trading above $65,800 with an increase of 5.1% over the last 24 hours.
This resilience has not gone unnoticed, with U.S. Senator Cynthia Lummis commenting, “Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin. Vires in Numeris.”
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Why It Matters: CrowdStrike’s President and CEO George Kurtz addressed the situation on social media, stating, “This is not a security incident or cyberattack.
The issue has been identified, isolated and a fix has been deployed.”
The company is actively working on rolling back the faulty update and has posted a workaround on their SubReddit, though it requires manual implementation for each affected system.
The incident has sparked discussions about the vulnerabilities in our increasingly interconnected digital infrastructure.
As the situation continues to unfold, it’s clear that cybersecurity and the stability of digital systems will be crucial topics at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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