Crypto exchange Bitfinex warns of maintenance work

Today, October 4, the Bitfinex crypto exchange will carry out scheduled infrastructure maintenance.

One of the largest crypto exchanges, Bitfinex will stop all transactions between 06:00 UTC and 18:00 UTC. The exact time of service interruption will be published 30 minutes before the update begins.

Traders will have to wait approximately 2 hours for service to resume. 

During the update, all trading and funding markets will be unavailable and deposits or withdrawals will not be processed. Users will not be able to monitor, edit or cancel their active positions during the entire service period. Users who do not want to be affected by potential price movements should take action once Bitfinex reopens by canceling orders and closing positions before the update begins.

Bitfinex explains the wide time range of the announced shutdown for security reasons.

And clarifies that unfortunately it cannot give an exact time for the platform update beyond the above-mentioned broad parameters due to the risk of DDOS attacks, attempts to manipulate the market, etc. The crypto platform will do everything possible to inform all users of the exact time in advance.

Many traders fear that such a cessation of trading on the 6th largest crypto exchange on the list will immediately affect the cryptocurrency market. At the same time, the scenario for the development of events can be completely opposite: from a sharp increase in prices to a steep dive, depending on who wants to play whales or bulls in the market.

Given the abundance of rumors and scandals around the crypto platform lately, it is not surprising that users fear a catch. Accusations of laundering through the platform Colombian mafia funds, paid listing, political censorship and price manipulation do not add confidence that Bitfinex's operating activities meets high requirements.