Bitfinex plans major maintenance, with 7 hours downtime

29 Dec, 2018
by David Robb
Exchange
Bitfinex plans major maintenance, with 7 hours downtime

Leading crypto exchange Bitfinex has announced that it will carrying out some major maintenance at the start of 2019. The trading platform, as well as its ERC-20 token exchange Ethfinex, will be offline for up to 7 hours on January 7.

According to the exchange, it will be migrating its data to new servers during this time. These new specialized "bare-metal" servers will apparently offer users improved security and performance. 

This move is part of Bitfinex's partnership with Swiss-based company Market Synergy, which offers institutional-level data security and connectivity solutions. This deal was first announced back in July.

Read more: Bitfinex partners with Market Synergy

Bitfinex assures customers that their funds will be safe during this time, although it acknowledges that it is a "significant length of time". However, some observers are already wary of this move. Major centralized exchanges are regularly accused of market manipulation in the crypto space, and extended periods where individual retail traders are unable to access their funds are looked at with suspicion, particularly when there is notable price action around the same time.

Read more: Binance announce maintenance is complete, normal trading resumesBitMEX goes offline, Bitcoin spikes by $300; what does this mean for the market?

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