On April 19, one of the prominent crypto exchanges, Bitfinex, “temporarily” halted trading due to an unknown reason and went for maintenance to fix the issue on Tuesday. The sudden news created a panic among users and the community.
However, in a post-announcement on Twitter, Bitfinex ensured that they have identified the cause for the error and all users’ funds are safe.
The sudden pause occurred around 11:00 UTC, and for nearly 2 hours the platform was down for the trading activities. At 1:00 PM UTC the platform again restored its trading activities.
In an interview, Bitfinex’s spokesperson stated that “A minor glitch occurred during an internal server update. As a precautionary measure, and given that current market conditions are not volatile, we paused trading to investigate further. Trading has now resumed.”
The temporary suspension of the trading activities on Bitfinex was threatening for so many crypto traders and investors, as Bitfinex has been very bad at protecting its platform from cyber attacks.
In 2016, Bitfinex suffered the largest DeFi crypto hack that led to $4.5 billion worth of Bitcoin loss. Luckily, U.S federal agencies have gotten success in tracing hackers. Earlier this year, the U.S authority arrested a Manhattan couple involved in the Bitfinex hack and seized $3.6 billion worth of crypto.