Published On: Tue, Jul 12th, 2016

Bitfinex Outages Raise Questions of Reliability and Regulation

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On June 20, the Bitcoin world came to a halt for some traders — twice in 24 hours, in fact — when popular Hong Kong exchange Bitfinex, owned and operated by iFinex Inc. (Bvi), unexpectedly went offline, preventing trading at the exchange for several hours.
Disclaimer: This article was provided by the Vanbex Group. Bitcoinist is not affiliated with the firms represented by the Vanbex Group and is not responsible for their products and/or services.
Bitfinex Outages Raise Important Questions
Industry-related media reported because of news regarding the outage rippling throughout the trading community, it sparked a temporary sell-off that ultimately contributed to bitcoin’s fall from the US $740 range to $685 at its lowest point.
When Bitfinex went offline the first time, which was during the afternoon, the exchange took to Twitter, stating: “Trading has been paused while we investigate an infrastructure issue,” assuring followers that “The issue does not involve funds or system security.”
Bitfinex eventually cited server migration issues and server instability as reasons for the outage of the U.S. dollar (USD) side of the exchange to eventually come back online later that night.
“The longer you are down the more people …

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