Bitfinex Service Disruption Leads to Manipulation Rumors as CME Bitcoin Future Contracts Expired


Bitfinex Halts Operations Right Before CME Future Contracts Expired, Customers Accuse The Exchange Of Manipulation

Bitfinex, the 5th biggest crypto exchange by daily trading volume temporarily halted their operations due to server connectivity issues on August 31st.

https://twitter.com/bitfinex/status/1035544829034471424

According to the exchange’s Twitter feed, their matching engine server was restarted by their hosting provider without notice. They had to restart their servers for the platform to return to normal operations. The service remained offline for approximately 60 minutes.

They stated that they did not lose any data, however, the pending queues were flushed to the database. The company later released a service disruption report to clarify the irregularity to their customers.

https://twitter.com/bitfinex/status/1035585489456320512

However, not everyone was satisfied with the official statement and many went as far as calling out Bitfinex for market manipulation. When the services of the exchange were stopped, Bitcoin [BTC] was trading below the $7000 mark. The encountered connectivity issue faced by the exchange of coincidences with the expiry of the CME Futures Contract.

Many People Across Social Media Were Outraged.

https://twitter.com/BTCtradePt/status/1035545665311518720

Another Twitter user added,

“If that’s true, then your “hosting provider” is being paid by someone that just manipulated this market right when CME Futures expired. Hope you investigate that. If not, shame on you. The person that restarted that server should be detained.”

https://twitter.com/AnkhImn/status/1035545729421463553

Notably, the announcement comes days after BitMEX, one of the leading cryptocurrency exchange platform, was attacked which led to the forceful liquidation of the shorts.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide