Kraken Exchange Review
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Kraken Exchange Review

Anca Faget - January 20, 2018
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Bitfinex’s Clients Experience Withdrawal Problems

Bitfinex, one of the world’s most used trading platform for Bitcoins, is having issues with processing withdrawals for its customer’s cryptocurrencies. Clients have reported waiting for days for their transactions to be finalized.

The company attributes these delays to numerous denial of service (DDoS) attacks that have targeted their exchange platform combined with the network’s jammed traffic.

Online reaction of dissatisfied customers

Bitfinex’s subreddit has gathered a large number of complaints over the withdrawal matter, stating that the users’ requests took days to be processed. In response, the company has posted a document which aims to clarify what were the impediments that caused the transactions to fail.

The aforementioned documentation states that: “Over the last few days, we were hit by a mixture of huge real customer demand for deposits & withdrawals, at the same time as we experienced DDoS in the form of malicious micro-deposits and withdrawals”. They also say that “both the Ethereum and Bitcoin networks were under high congestion,” claiming that the combination of these events were the ones that caused “a very large number of withdrawals to fail and be missed.”

Bitfinex also states that the new deposits and withdrawals are currently working fine and that withdrawals that failed during the period on the 4th and 5th of December need to be verified manually and added to a re-processing list. The Bitfinex’s team workers have declared that they have completed the maintenance in order to restore the usual order of the system and its network, also adding that “nearly every other exchange faced similar withdrawal issues during the same period, but due to the huge scale of customers, it is taking us longer to manually reprocess the failed withdrawals.”

Problems continue to persist

Regardless of the written response and assurance that things are back to normal, many customers still have not received their missing funds despite receiving hundreds of confirmations on the blockchain.

The official status page of Bitfinex says that all systems are functional and continues to relate how the DDoS attack was solved and the investigations concerning the attack unfolded.

Withdrawal issues cause mistrust in the Bitfinex community

Bitfinex has seen flash crashes of over 90% on its ETP and NEO markets, which have resulted in sudden liquidations. The platform has also undergone what some might call a frivolous lawsuit against a twitter account called Bitfinexed because it posted unfavorable statements regarding Bitfinex’s operations.

With the current withdrawal problems at hand, and the unsatisfying justifications the company has made, clients are getting more and more suspicious concerning Bitfinex’s modus operandi.

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