Bitfinex Outages Raise Questions of Reliability and Regulation
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. 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....
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In 2022 the blockchain has suffered from ten partial or full outages along with slow block times and Solana’s co-founder said it’s “not the experience that we want to deliver.” Solana (SOL) co-founder Anatoly Yakovenko says the past year has been mired by the network's reliability issues and outages, but recent updates will help the blockchain resolve its reliability issues. During the Breakpoint 2022 annual conference in Lisbon, Portugal on Nov. 5, Yakovenko discussed the past and future of the blockchain, noting the network has faced difficulties over the past year:“We've had a lot of....
Crypto exchange Bitfinex is now venturing into TradFi with its latest launch of Bitfinex Securities. The new trading platform, as the name suggests, will allow companies to directly list tokenized versions of their shares, bonds, and other funds to raise capital. Bitfinex users will have access to buy and sell these tokenized securities. But similar […]
BitGo’s Mike Belshe has said that questions raised about the security of bitcoin with some suggesting that digital currencies can never be secure are wrong. After Mt. Gox, the second biggest security breach of a bitcoin exchange took place earlier this month when the Hong Kong-based Bitfinex halted trading after hackers stole around $70 million worth of users’ bitcoins. As a result, questions about the safety of blockchain technology and the future of bitcoin quickly arose. As the company that is the leading security platform for bitcoin and blockchain technologies that was delegated to....
The price of Bitcoin took a dive during June 20th from a high of $737 USD at 23:00 UTC and has floored to $666 at press time on Bitcoin.com’s Kaiko index. Some are blaming the Bitfinex outage, which took place on June 20th’s overnight into the morning of June 21. Some are still shook up over the debacle of Ethereum and the DAO, which took place last....
In the end, the announcement of BFXCoin will not do much for users. This is nothing more than a digital IOU, with a promise by Bitfinex to repay customers. The recent Bitfinex hack has caused a lot of confusion among cryptocurrency enthusiasts, and will continue to do for the time being. However, it also became apparent the company will penalize all of its users to recover the losses somehow. Moreover, the exchange will issue its own coin which acts as an IOU. When Bitfinex got hacked, the Bitcoin community was greeted with yet another shock. As a result, the price per Bitcoin started to....