Tuesday, April 23, 2019

Bitfinex Cryptocurrency Exchange Now Functional After Hours of Downtime

Bitfinex, a Hong-Kong based cryptocurrency exchange on February 9 experienced a 2-hour downtime. The exchange publicized that they are aware of the issue and they also gave customers the assurance that their funds are safe. Although many expressed their concerns about the downtime, it is comforting to know that the exchange is back online.

Bitfinex Went Offline on Saturday

Bitfinex on Saturday tweeted that some users of its platform are unable to gain access to it. The exchange also notified that their admins are handling the issue. On the other hand, a Twitter user was quick to point out that it was not just a certain group of people that were facing difficulties, but all users of the exchange.

About 25 minutes after the first tweet, the Hong-Kong based exchange apologized for its previous statement and admitted that it was a general problem. According to them, in their haste to notify the community, they had mistakenly made reference to “some people”.

Exchange Confirms that Funds are Safe

In the same vein, the exchange said customers funds are safe despite the downtime which may have been a major cause of concern. The latter can be expected given that Cryptopia also went offline, only to return with the news that they have been hacked. Therefore, those few minutes of wait may have sent several thoughts running across peoples’ minds.

Users of Reddit as expected had a lot to say about the issue. For instance, kain_niak, revealed that Cloudflare displayed a “host error” message at 7:45 AM UTC when Bitfinex was accessed. According to kain_niak, Bitfinex restored its service briefly before going offline again. The user also stated that the official Telegram group of the exchange is gone.

The cryptocurrency exchange, on the other hand, informed its users that the website will be opened at 10:30 AM UTC as view only, while trading will begin by 10:35 AM.

Customers Can Now Access the Full Functionality of Bitfinex

Keeping to its promise, the exchange announced hours later that customers can now access its full features. Also, the downtime was “unscheduled, unanticipated and as unexpected to us as it was to you.” The downtime was attributed to a connectivity issue which they claim their team was able to detect the problem and rectify it immediately in order to restore the service.

Bitfinex also said:

Your safety is our top priority and we can confirm that all funds were safe during this period.

The Tension Caused by the Recent Events in the Crypto Space

Cryptocurrency platforms going offline can cause a lot of tension given the current events that are trending. Cryptopia, a New Zealand exchange also notified its customers on January 14 of downtime even though in the end, it was more than a few hours wait given that the exchange was hacked.

QuadrigaCX, the latest on cryptocurrency websites had also informed its customers in January that they will be able to withdraw their funds. However, the truth broke out weeks later that the supposed funds whose withdrawal was scheduled for two weeks were not even accessible.

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