Bitfinex Exchange Reported a Temporary Platform Outage

Digital assets exchange, Bitfinex suffered a temporary outage today as announced by the trading firm on Twitter. While the exchange did not share enough details about the source of the issues, trading activities were halted and the platform said it was investigating the source of the incident.

“We are investigating issues with the platform and have to temporarily halt trading. We will keep everyone updated on here and our status page https://bitfinex.statuspage.io as we know more. We apologise for the inconvenience,” the exchange said in a Twitter post earlier this morning.

A few minutes later, the exchange shared information that the glitch has been resolved and that all transactions are now proceeding as normal. While the exchange was obligated to keep its customers in the know per the need for the trade halting, the broader digital currency ecosystem is not oblivious to trading platforms experiencing outages occasionally. 

Per the status page of Bitfinex, the exchange has kept a very clear book in the past few weeks since October last year when it experienced related glitches, and it is poised to maintain its stance as one of the most secure platforms with its swift handling of the recently reported glitch.

Crypto Exchanges and Hack Incidents

The entire security infrastructure of the digital currency ecosystem, particularly of crypto exchanges and Decentralized Finance (DeFi) platforms is generally known to be susceptible to attacks, and this has been proven with the hacks that have been experienced thus far this year.

The year opened with the breach of Crypto.com, a centralized digital currency trading platform that lost about $34.5 million to hackers. As many as 483 accounts of the exchange were affected, and though the affected users were reimbursed, it still did not exonerate the platform as porous to attack.

While the same cannot be said for Bitfinex, a number of security solutions providers, including CertiK have been shoring up their software solutions to help detect frauds happening on-chain. With new funding bagged by the security startup and its peers such as Chainalysis in recent times, new solutions to provide basic safety to trading platforms are now being considered enmasse.