Here’s why the Crypto Exchange Bitfinex was Down for over 2 hours

Key Takeaways 

  • The Bitfinex platform was down for two hours today. 
  • The exchange platform resumed operations at 13:19 UTC. 

Earlier today, the cryptocurrency exchange, Bitfinex, tweeted that they were facing issues with their platform and therefore, they had to halt trading. The exchange was not functioning for two hours from 11:00 UTC till 13:00 UTC. 

Bitfinex added in the tweet that they will be keeping their users updated on their status page. At 11:36 UTC, they informed that they were looking into the “issues” followed by another update at 12:43 UTC that all the funds are safe and they were working to restore trading activities. Another update came around 12:56 UTC where Bitfinex mentioned that they are close to solving the “issues”. They also stated that users will soon be able to access the platform by 1:00 PM UTC. 

The exchange platform did not reveal the “issue”, however, a spokesperson from the company informed CoinDesk via email that, ” A minor glitch occurred during an internal server update.” It also stated, “As a precautionary measure, and given that current market conditions are not volatile, we paused trading to investigate further. Trading has now resumed.” 

This “issue” on Bitfinex’s platform also affected the price of Bitcoin (BTC). It surged to a high of $41,030.21 and then it fell to $40,665.31 on Coinbase, which is known as the competitor of Bitfinex. 

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!