Bitfinex’s temporary shutdown: Customers speculated it to be hack, pump and dump

As the cryptocurrency market took the crypto-community on a bullish ride, Bitfinex, a prominent cryptocurrency exchange faced a temporary shut down. On May 31, Bitfinex’s Chief Technology Officer [CTO] Paolo Ardoino took to Twitter to inform the community of the temporary shut down due to an outage of one network.

Ardoino said:

“@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.”

Even though the exchange clarified that it was a temporary shut down, the community took time to adjust to the fact that it wasn’t a hack. Twitter users asked the CTO to clarify in the comment sections about the same and the official Bitfinex handle to announce the trouble. Twitter user @chaschas77 said:

“The fact that even auch tweets from bfx doesnt affect the market at all shows how much you had destroy you own business.from no1 exchange to the countdown for death you were very very greedy and bad boys guys. you could have been making money for many years but.”

Even though the issue was resolved from the exchange’s end within three to four hours, the community responded with pump and dump speculations. Another Twitter user, @FarrowStrike said:

“When fake pump ?”

This outage happened around the same time Bitfinex announced the launch of Tether on EOS blockchain. This news was celebrated by a few, however, ever since the Bitfinex-Tether fiasco, the community has been treading carefully.

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