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Cryptocurrency Exchange Bitfinex Shuts Down Withdrawals And Deposits.

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Last updated on October 26th, 2019 at 01:58 pm

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Cryptocurrency exchange Bitfinex has temporarily shut down withdrawals and deposits service, as per the tweet this day May 31.

The tweet reads “due to the outrage of one of our network providers, we temporarily stopped deposits and withdrawals. Funds are safe in cold storage. Situation should be restored ASAP (ETA 3/4h). Apologies for the inconvenience”.

Bitfinex CTO Paolo Ardoino also posted links to the exchange’s hot wallets, in order to ensure that the trust of the community is maintained. He assured them that there are no outgoing funds and that user funds were secure.

Some community members who are followers of Bitfinex on twitter has responded negatively to the tweet. Some response is stirring up tension instigating loss of funds or maybe a hack.

A user with the username @cryptofaggle had responded with a tension creating GIF which reads “HERE WE GO”.

Bitfinex had been reportedly affiliated to the issuance of stablecoin Tether. New York Attorney General (NYAG) Letitia James had accused the two companies of covering up a $850 million loss that could have affected New York investors in April.

It was reported that Bitfinex allegedly did not reveal the loss to investors. The executives of the exchange and Tether had some misunderstanding in corporate transactions where Bitfinex had access to up to $900 million of Tether’s cash reserves. Bitfinex had allegedly used the funds which it claimed is not up to $700 million to cover loss and inability to process clients’ withdrawal.

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By Tony Chimdiuto

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