Bitfinex Maintenance Now Completes After Several Issues Found Causing Trading Delays

Key Points:

• Bitfinex temporarily halts trading due to platform performance issues, leaving users awaiting updates on the situation.
• After the completion of Bitfinex maintenance, the platform resumed trading, a rare occurrence for the exchange known for its stability.
• Despite past challenges, including a significant hack in 2016 and legal disputes, Bitfinex remains popular among traders.

Bitfinex, a prominent cryptocurrency exchange, recently announced a temporary halt in trading due to “issues with platform performance.”

Bitfinex Maintenance Happens Amid Platform Performance Issues

The Bitfinex maintenance, which began without a disclosed reason, left users in suspense as the exchange promised updates as the investigation progressed.

After successfully completing the Bitfinex maintenance, the platform resumed operations in view-only mode at 2:40 AM UTC, with trading recommencing at 2:45 AM UTC. Despite its stature as one of the largest Bitcoin trading platforms globally, Bitfinex rarely encounters technical glitches, making this incident an unusual occurrence for the exchange.

Read more: Bitfinex Review: The Exchange That Was Controversial But Still Evolving

Bitfinex’s Journey Through Challenges

However, Bitfinex has faced its share of challenges over the years, including a significant hack in 2016 that saw the loss of 120,000 BTC, valued at $72 million at the time. Though the exchange managed to reimburse most affected users, the incident damaged trust within the community.

Additionally, Bitfinex has grappled with legal disputes, facing accusations of operating without proper licenses in various jurisdictions and allegations of Bitcoin price manipulation. Banking issues have also plagued the exchange, leading to frequent changes in banking partners and temporary disruptions in fiat deposits and withdrawals.

Despite these challenges, Bitfinex remains a popular choice for traders due to its low fees, fast transactions, and robust security measures, with 99% of assets stored in cold wallets.