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Bitfinex accused of manipulation after halting their trading services for 60 minutes

Priya

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Bitfinex accused of manipulation after halting their trading services for 60 minutes
Source: Unsplash

Bitfinex, one of the leading cryptocurrency exchange platform announced that they are back with their services after encountering a ‘Service Disruption Post Mortem’ on 31st August 2018.

The exchange platform had made the announcement regarding the issue in a series of tweets, leaving the community screaming that this is manipulation at its best. The announcement comes days after BitMEX, one of the leading cryptocurrency exchange platform, was attacked which led to the forceful liquidation of the shorts.

The first announcement made by the exchange platform on Twitter stated:

“The platform is encountering connectivity issues with one of the servers. As a precautions we had to suspend trading temporarily. We are working hard to have the platform return to normal operations as soon as possible.”

This was followed by Bitfinex stating that their ‘matching engine server’ was restarted without any notice by their cloud hosting provider. The platform said that they were going to restart their servers proceeding which, the trading services would be back to normal. This led to the platform closing down its trading services for almost 60 minutes.

They announced:

“Trading is once again live. We apologise for the downtime and wish you a happy Friday.”

On their blog, Bitfinex said that they started to encounter the issue at 14:55 UTC, restarting the matching server which is core to their services. They stated that they did not lose any data, however, the pending queues were flushed to the database.

Moreover, according to Trading View, during the timeframe of the announcement, Bitcoin [BTC] was trading below the $7000 mark. At 14:55 UTC on 31st August 2018, BTC/USD was trading $6910.

Price chart of BTC/USD on Bitfinex | Source: Trading View

Price chart of BTC/USD on Bitfinex | Source: Trading View

The encountered connectivity issue faced by the exchange coincidences with the expiry of the CME Futures Contract.

Ekliptor, a Twitterati said:

“While I still don’t believe/understand you are having 1 single server as a matching engine for all different markets, I want to congratulate you on your clear & fast communication during this outage”

Xane Corvair, another Twitterati said:

“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.”

DiversifyCrypto, another Twitterati said:



“what a coincidence ! provider might have something to do with CME”

Recently, the exchange platform has notified its users about the upcoming API update which is scheduled for 15th September 2018 at 00:00 UTC. There will be a series of changes implemented in the way they manage their WebSocket connections to their APIs.

On the day of the update, there will be a limit of 250 subscriptions to the market feed data such as candles, traders, tickers for every WebSocket.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Coinbase is a huge net positive for not just cryptocurrencies, but for the world, says Bitcoin Cash proponent Roger Ver

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'Coinbase is a huge net positive for not just cryptocurrencies, but for the world', says Bitcoin Cash proponent Roger Ver
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Roger Ver, a well-known Bitcoin Cash influencer and CEO of Bitcoin.com, spoke about the controversy surrounding #DeleteCoinbase campaign, where he stood by the exchange. He also explained the reason behind why he does not consider BTC to be Bitcoin, in an interview with BreakerMag.

Coinbase, a leading cryptocurrency exchange platform, recently made an uproar in the cryptocurrency market over acquiring Neutrino, a blockchain analytics firm. This acquisition resulted in the majority of the cryptocurrency space joining the #DeleteCoinbase movement as the Neutrino team was previously associated with Hacking Team. More so, it was further revealed that the acquisition took place because Coinbase’s providers were selling its data to outside sources.

However, while the majority of the space was chanting #DeleteCoinbase, Roger Ver, on the contrary, spoke in favor of the exchange. On his official social media handle, Ver had stated that the exchange has made a lot of contribution towards driving the adoption of the cryptocurrency space and that space should “be grateful despite a few poor decisions along the way”, adding “Don’t #DeleteCoinbase”.

In the interview, Ver was asked whether Neutrino’s association with Hacking Team did not bother him, and the reason behing why he chose to stay beside the exchange. To this, Ver stated that he was “incredibly troubled” with the association, adding that this was a “really stupid mistake”. He went on to state,



“But people make mistakes sometimes, and I don’t think that it was an intentionally bad mistake on Coinbase’s part. Once they saw the error of their ways, they fixed that. And Coinbase has onboarded millions and millions of people to cryptocurrency. I think Coinbase is a huge net positive for not just cryptocurrencies, but for the world.”

This was followed by Ver speaking about the reason behind his belief that BTC is not Bitcoin. Ver has been previously criticized because of the same topic, so much so that there were people who were considering taking legal action against him. This was because of propagation that Bitcoin Cash [BCH] was the real Bitcoin.

On this, Ver stated there were several people who have called him a “scammer” because of this, adding that there were barely any who was up for an argument, instead of name-calling. He also stated that there was a possibility of him believing that BTC was indeed the real Bitcoin, but stated that there weren’t “any arguments that are compelling at this point”. He said,

“I came to those conclusions based on the logic and reason and evidence and arguments that favored those positions. And if someone wants to try and convince me that BTC is bitcoin, even though it’s not a peer-to-peer electronic cash system, I will listen to those arguments and evaluate them based on their merits.”





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