Singapore-based cryptocurrency exchange Bitfinex underwent a series of unexpected events as the exchange went offline for up to two hours as the market continued to register gains, sending the crypto community into a mild panic attack.
The exchange did notify their its users that it had gone offline and stated that the platform was currently unavailable for only some of its users and apologized for this inconvenience. While the exchange did announce the outage of Twitter, they didn’t go into details behind the cause of the said outage.
We are aware Bitfinex is currently not accessible to some users, our admins are currently looking into this. We apologize for the inconvenience caused.— Bitfinex (@bitfinex) February 9, 2019
We apologise for our previous tweet. In the rush to make users aware of our issue promptly, we were poor in the choice of wording. We can confirm Bitfinex is offline to all users. Please be assured that funds are safe. We will communicate here with further updates— Bitfinex (@bitfinex) February 9, 2019
After nearly two hours of downtime, the exchange Tweeted out an apology for the outage and informed its users that it was up and running once again.
During a Medium blog post released on Saturday, the exchange pointed out that the issues that caused this downtime were because of connectivity.
The blog said:
“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.”
In order to help traders deal with these recent issues, Bitfinex has called in all of their support staff online to handle any incoming customer queries. Per the cryptocurrency exchange, the issue has been successfully resolved and is undergoing investigation in order to prevent a repeat of this conundrum.
Even so, this incident has left various cryptocurrency traders quite shaken up as some have believed that Bitfinex, which holds shared management with Tether, may be insolvent as claims o the firm not having the $2 billion USD to cover all of USDT tokens in current circulations.