Major Crypto Exchange Bitfinex Crashed For Two Hours

Major Crypto Exchange Bitfinex Crashed For Two Hours

Major cryptocurrency exchange Bitfinex experienced serious issues on Saturday, which have caused the trading platform to go offline for two hours.

The Hong Kong-based exchange tweeted in the morning that the network is “not accessible to some users”.

https://twitter.com/bitfinex/status/1094145337474932737

Around half an hour later, the exchange confirmed that exchange is “offline for all users” while reassuring customers that “funds are safe”.

https://twitter.com/bitfinex/status/1094152250967113728

Less than three hours later, Bitfinex tweeted positive news.

https://twitter.com/bitfinex/status/1094184461187600385

Finally, the series of tweets was completed with a press release issuing an apology to its users. According to the statement, the crash was caused by issues related to “connectivity”.

“Our team identified and responded to the situation immediately and worked unremittingly to bring full service back as quickly as feasibly possible. Your safety is our top priority and we can confirm that all funds were safe during this period.”

Interestingly, the Bitfinex platform crashed during the initial stages of the crypto rally, which pushed Bitcoin (BTC) from $3,425 to $3,800 (Bitfinex data) on Saturday morning.

Last year, one of the oldest crypto exchanges in the world – Bitstamp, had to halt trading following chaos caused by one of their client’s trading bots.

Trading had to be suspended as certain crosses involving EUR currency, which went haywire for about 23 minutes. Thankfully, other exchanges did not replicate the chaos that occurred in the BitStamp exchange.

According to CoinMarketCap, Bitfinex currently holds the 18th position on the list of the largest crypto exchanges, (by adjusted daily trade volumes), in the world.

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