Bitfinex Resumes Operation After 2-Hour Outage
Bitfinex, which is a cryptocurrency exchange based in Hong Kong, inform users via Twitter regarding a temporary service outage. According to the tweet from the firm, it experienced a temporary shutdown that affected all of its users. The event, however, happened during the time crypto markets experienced major gains.
Temporary Outage
Initially, the firm noted that its platform was unavailable but only to a handful of users. This is, in fact, contrary to what all users believed. The company even added that they greatly apologized for the inconvenience, especially since they cannot determine a cause for the outage.
However, just about thirty-minutes after, Bitfinex offered some clarifications pertaining to the temporary outage. It said that the reason behind going offline for all of its users was “a poor choice of wording.” The phase, in particular, was the reason behind the misinformation and confusion amongst users.
Bitfinex, in a tweet, apologized for the inconvenience, as it wanted to rush making users aware of the issue. It added that they used the wrong words; hence, the confusion. The tweet also confirmed that, at that time, the platform was offline to all users. However, they assured all users that their funds were safe. Lastly, it offered to put forward updates if need be.
After remaining inaccessible to its users (for reportedly at least two hours), the exchange said that it is finally back. The platform is already up and running with full functionality. The company said that the issue had something to do with “connectivity.”
Ranking of Crypto Exchanges
Bitfinex is deemed the 18th largest digital currency exchange across the world. The ranking is based on the adjusted trade volumes. Interestingly, nearly all top 100 coins are seeing significant growth on the day of the platform’s outage. Even the top 10 coins saw an increase of around 20 percent.
As previously reported, the latest Exchange Security Report courtesy of the independent analysts hailing from ICORating has provided 16 percent of the world’s largest crypto trading platforms an A rating. Apparently, none of them were able to obtain an A+. The study, which is believed to have reviewed at least 135 digital currency exchanges, further suggests that Bitfinex was able to take home the 5th place for most exchanges globally. And it even comes with a whopping A-rating.
In another recent report, the Canada-based cryptocurrency exchange QuadrigaCX has been successful in becoming embroiled in controversy. This happened after the surprising death of the company’s CEO. The exchange reported that following the sudden event, it has lost access to users’ funds.