TL;DR: Around 7:45 UTC on Saturday, February 9th, 2019, one of the most influential cryptocurrency exchanges, Bitfinex, went down for all users. This was quickly confirmed by the company. The outage came at a most unfortunate time for traders, especially since crypto markets were seeing a big price upswing. Litecoin (LTC), for example, had risen by 30% in 24 hours. For exchanges and the companies who host them online, such as those in Switzerland, it seems much more needs to be done to improve reliability.
Bitfinex Offline 2 Hours During Major Market Price Upswing
“We are aware Bitfinex is currently not accessible to some users,” the exchange posted, “our admins are currently looking into this. We apologize for the inconvenience caused.” Temporary outages on Bitfinex are not uncommon. Eight incidents have been reported in the last 12 months. Some appear to be the results of multiple distributed denial of service (DDoS) attacks.
The company announced in January they would migrate from the cloud to private, self-hosted servers. Bitfinex users were hoping for less downtime during high trading volume. Exchange hosting was to move away from AWS to their own self-designed infrastructure at a data centre in Zug, Switzerland.