Bitfinex Bounces Back: Resumes Trading After Platform Outage

Bitfinex, a prominent cryptocurrency exchange, successfully resolved an outage late last night that temporarily disrupted trading activities on its platform. The issue resulted in reduced performance before trading was halted.

The exchange’s official X account had posted a notice of the challenge it was facing acknowledged the performance glitch and assured users of efforts to troubleshoot the issue while temporarily halting trading for investigations.

Bitfinex Transparent Communication and Swift Action

To reassure its users of the ongoing effort to resolve the problem, Bitfinex after about two hours reported that the root cause of the problem had been identified, and efforts were on to implement a solution swiftly and restore full functionality.

The issue was unlike the minor information security attack it suffered in November last year when a hacker targeted a Bitfinex customer support agent between October 30 and November 5 and managed to obtain only incomplete and outdated information.

While the technical team worked on the challenge which affected performance, Bitfinex again informed users that the implementation of the fix was nearing completion. This update was received in less than ten minutes after the issue responsible for the reduced performance was identified.

Exchange Resumes Full Operations

To compensate for the technical disruption, the exchange further announced its intention to resume operations in view-only mode. The aim was to allow users to have the option to cancel orders up to five minutes before trading resumed.

Ultimately, Bitfinex officially resolved the issue at 3:48 am UTC, when all systems became fully operational. Currently, functionality is back to its platform, allowing users to resume trading activities without further interruptions.

On Key Regulatory Challenges

Bitfinex recently made the news when the U.S government made transfers of $922 million in seized BTC from two cryptocurrency wallets that held assets confiscated from Bitfinex in 2016. Bitfinex in the past faced legal investigation and regulatory measures, leading to the confiscation of funds by authorities in the United States.

Also in mid-January, when the Google Play store in India blocked Binance and OKX, Bitfinex was one of the other platforms listed by the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) as operating illegally in the country without proper registration with the relevant authorities.