Cryptocurrency exchanges undergo routine maintenance from time to time. Usually what happens before they partake in such an endevour, they notify their loyal users way ahead of time so they can adjust accordingly. Bitfinex has just provided such a notice to its users that summarizes the maintenance as follows:
Bitfinex will be undertaking planned infrastructure maintenance on October 4, 2018 between 06:00 AM UTC and 18:00 PM UTC. The exact timing of the maintenance update will made public 30 minutes prior to the start of the update.
Traders should expect a service interruption of roughly 2 hours while this maintenance is being performed.
Exact Time Unmentioned to Avoid Pumps and DDOS Attacks
The exchange has however only given a time period of between 6am to 6pm as to when they will carry out their maintenance on the trading platform. They go on to explain that giving exact times has its disadvantages.
Unfortunately we cannot give an exact time for the platform update other than the abovementioned broad parameters due to the risk of DDOS attacks, attempted market manipulation and more. We will do our utmost to communicate the precise timing to all our users in sufficient time for you to prepare your trading strategy accordingly.
To Be Announced 30 Minutes Ahead of Time
The team at Bitfinex has since updated via twitter that they will announce the exact time of the update 30 minutes before it takes place. The full tweet can be found below.
Bitfinex will be undergoing infrastructure maintenance tomorrow, October 4th, between 06.00 UTC and 18.00 UTC. The exact time will be disclosed 30 minutes prior to the start of the upgrade.
Please keep this in mind for all open positions you may have. https://t.co/yjevA3UQVr
— Bitfinex (@bitfinex) October 3, 2018
Users Advised of Interruption of Service During Update
As is usually the case with all scheduled maintenance on cryptocurrency exchanges, during the time of the upgrade, all trading services and financial markets will be unavailable. Users will also be unable to deposit or withdraw any funds during that time period.
With regards to trades, users are advised as follows by Bitfinex.
Users will be unable to control, edit or cancel their active orders and active positions throughout the maintenance period. Users who wish to not be affected by potential price movements on other platforms once Bitfinex reopens *must* take action by cancelling orders and closing positions beforethe update begins.
How To Track Maintenance Period
The exchange has provided this link as a way of tracking the scheduled update.
What are your thoughts on Bitfinex not giving an exact time for the 2 hour upgrade? Please let us know in the comment section below.