Bitfinex drives Maintenance Mode as bitcoin price soars high level

Currently, Bitfinex the trading platform and major bitcoin exchange is currently in maintenance mode, reason assumed to be soaring price of Bitcoin.

Considerably, Bitfinex is the world’s largest bitcoin exchange by trading volume.  It is experiencing a downwards with an exchange such as unscheduled ‘infrastructure maintenance’.

Bitfinex has recently explained on its status page:

“These updates are critical for the platform and must be performing in order to be able to guarantee long-term platform stability and scalability”.

Maintenance Mode

Conferring to the Bitfinex posts, the complete infrastructure maintenance is up-to-date. It was undertaken on October 31, 2017, around 11.50am UTC and 5.30pm UTC. Still, the team has not provided exact time other than those broad parameters.

Moreover, customers must bear around 20minutes for service interruption while maintenance is being in the process. Meanwhile, financing and trading platforms might be unavailable as no deposits or withdrawals will be performing.

“Bitfinex & Bitcoin Gold”

The new Chain Split Tokens (CST) is introducing by Bitfinex. It allows trading on the mining and activation of the Bitcoin Gold consent protocol. Thus, a team has mentioned CSTs designation as BG1(Incumbent Bitcoin Blockchain) and BG2 (Bitcoin Gold).

Related Coverage: Bitfinex has listed SegWit2x chain split tokens

Initially, deprived of financing capabilities, CSTs will be trading against BTC and USD pairs. However, users will be able to create or destroy these news CSTs by using Token Manager at top UI menu. Begin with user creation, the BTC will be debited from the user’s account and simultaneously amount of BG1 and BG2 will be credited. Similarly, the user has an ability to reverse this process by trading in equal numbers of BG1 and BG2 to citation BTC.

Furthermore, Bitcoin Gold will use “BTG” as its ticker symbol of “Bgold” as to prevent confusion with Bitcoin.

Bitfinex wash trading revealed

Wash trading is a wide-ranging in the Bitcoin markets. It is all about selling and buying in their own order.

Accordingly, wash trading being perform by two accounts controlled by the same entity/trader. Recently, Bitfinex has reacted to all the allegations.

Bitfinex will allow you to buy and sell your own orders. They’ve explained as follows

  • Place a buy order, or a sell order, for Bitcoin or anything that Bitfinex trades.
  • Place an identical order opposite of your buy or sell order.
  • The trade engine will execute a trade against your own order.
Wash Trading is illegal!

Bitfinex reveals that it has lost around 120000 bitcoins which is roughly 36% loss on user balances. As to recover, it is issuing a token through the Omni protocol. Thus, a token will be activated with other trading pairs with USD and BTC markets.

The Bitfinex has taken a significant step for improvising the security state,

“We have added additional platform and infrastructure security checks; regenerated all encrypted services, including wallets, security tokens, and passwords; moved funds to multiset cold storage; re-evaluated all third-party integrations; performed a comprehensive system audit in order to identify vulnerabilities as well as rebuilt our entire platform on new infrastructure”.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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