System Issues on Bitfinex, all activities ceased

In a recent announcement, it was witnessed that popular cryptocurrency exchange, BitFinex, stopped working as the system crashed.

Bitfinex is one of the biggest crypto exchanges wherein millions of volumes in cryptocurrencies are traded. When such incidents occur, there are chances that an investor might lose their investment. On Coinmarketcap, you can find Bitfinex in the 10th position, the first being Binance.

The trading volume on Bitfinex in the last 24-hours was 651 million USD. A few days ago, Bitfinex suffered a severe system crash due to which people were unable to trade. Speaking on the matter, Bitfinex announced on Twitter:

Bitfinex shutdown alerts investors

The system issues with the cryptocurrency exchange forced traders to ponder upon the security of their investment. The exchange did not disclose the reason for these system issues but it was quick to announce that the problem had been irradiated.

Also, the official statement was released wherein it was mentioned that the issue was identified on the same day. A solution was drafted and no loss of assets was seen while the crypto exchange was offline. This breathed life into the investors who were worried about their money.

An increasing number of issues

Popular crypto exchanges have been dealing with such problems due to the increase in the number of users on these exchanges. Along with Bitfinex, there are a number of exchanges that have experienced shutdowns and issues.

Recently, 6,000 users on popular crypto exchange Coinbase fell victim to the attacks of hackers. These hackers found a flaw in the multi-factor authentication system of the crypto exchange due to which people suffered.

There are plenty of exchanges and therefore, you should be careful where you put your digital assets.