Bitfinex Assures Users All Secure After Deposits and Withdrawals Shutdown

Crypto exchange Bitfinex has assured its users that all is well after temporarily shutting down deposits and withdrawals according to a Tweet.

The shutdown was described by Bitfinex as being necessary “due to the outage of one of [their] network providers,” and although services had been suspended, the platform made it clear that all funds were in safe storage.

. @bitfinex : due to the outage of one of our network providers we temporarily paused deposits and withdrawals. Funds are safe in cold storage. Situation should be restored ASAP. Apologies for inconvenience.

— Paolo Ardoino (@paoloardoino) May 31, 2019

However, this is not what users probably wanted to hear in light of recent headlines concerning the company. The exchange allegedly attempted to cover missing funds totaling USD 850 million by raiding its Tether reserves in order to pay out customers. Between May 2015 and August 2016, Bitfinex was reportedly attacked by hackers who stole BTC 1,500 in 2015 and USD 72 million worth of Bitcoin in 2016.

Bitfinex had its Bitcoin data removed from CoinMarketCap’s price average earlier this month due to a 5.5% premium the exchange claims over the market average, which was thought to be the result of recent events.

However, users would be hoping that the shutdown was simply a hiccup and not something with more complex overtones. Bitfinex has now presented a motion to dismiss the charges against them entirely. According to the exchange, a subsequent hearing has been scheduled on the motion for 29 July 2019.

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