Bitfinex suspends trading over cyberattack

June 06, 2018
Chris Wheal

Crypto exchange Bitfinex was forced to suspend trading on Tuesday owing to a cyberattack.

News of the temporary shutdown at Bitfinex pushed the price of Bitcoin down by about 2% at one point on Tuesday, with the crypto trading at an intra-day low of $7,373.

Bitcoin subsequently recovered and was little change on Wednesday, trading at $7,578, as of 9.30 GMT.

Extreme

“The outage was caused by issues with one of our infrastructure providers. While the platform was recovering, the attack caused extreme load on the servers,” said Bitfinex.

The firm acknowledged that the cyberattack had affected trading operations but claimed user accounts and customers’ funds had not been in jeopardy.

Bitfinex

Bitfinex logo

Targeted

In 2016, Bitfinex halted trading when 120,000 Bitcoins were stolen in an attack.

It was also reported to have been among those crypto exchanges targeted by hackers during 2017.

In one of the most notorious cyber attacks to date, in January this year $500m in digital coins was stolen from Japan-based exchange Coincheck.

In 2014, a large-scale attack on Japanese crypto exchange Mt. Gox led to its bankruptcy.

Bitfinex was founded in Hong Kong in 2012, initially solely focused on Bitcoin.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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