Bitfinex Announces Offline Time for System Upgrade - Coindoo
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Bitfinex Announces Offline Time for System Upgrade

Editorial Team Avatar
Aug 1, 2019
2 min reading time

The Bitfinex exchange has announced that they will go offline for a few hours, during which an upgrade will be performed in order to improve the characteristic of the iFinex matching engine.

The Bitfinex platform is scheduled to go offline at 9.30 UTC, and it will be under maintenance for two or three hours.

“Bitfinex will be performing a system upgrade on Thursday August 1st designed to enhance the stability and scalability of the iFinex matching engine.

The upgrade is set to commence at 9.30AM UTC and services will be offline for 2–3 hours. Please note that this is a rough estimate and the precise time may change slightly based on market movements. “–read their Medium post.

According to the announcement, all iFinex platforms -Bitfinex, Ethfinex, etc.- will be also shut down briefly during the upgrade. Traders will not have access to their accounts, and will not be able to check balances or make any trades during that time.

“The platform upgrade will require taking all iFinex trading platforms offline for the duration of the maintenance period. This means that traders across both Bitfinex and Ethfinex will be unable to trade, view or access their wallets during the update.

We kindly ask all our traders to plan ahead accordingly and make the necessary account adjustments prior to the start of the platform upgrade.”

Bitfinex also assured users that all their funds will be kept safe and none of them will lose any of their funds from their hot wallets when the upgrade will happen. All orders opened prior to the offline period will resume when the platform will be back up.

Also, “users will not be liquidated during downtime. However, traders should be aware that if the price moves significantly during this time, they are at risk of liquidation as and when the platform is reopened. In line with this, we kindly ask all traders to review their margin requirements and assess the risk of market movement on their open margin positions before entering the maintenance window.”

Featured Image: Bitcoin Exchange Guide

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