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Crypto Exchanges Bitfinex, Ethfinex To Go Offline For A Few Hours

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Major cryptocurrency exchange Bitfinex, along with its subsidiary Ethfinex, are set to go offline on June 26 for nearly seven hours for a platform upgrade, in order to enhance the stability and scalability of the iFinex matching engine.

Traders across both Bitfinex and Ethfinex will be unable to trade, view or access their wallets during the update.

Bitfinex said it is further separating itself from the remainder of the digital asset trading space, primarily readying itself for the launch of derivatives trading on Bitfinex.

Traders across both Bitfinex and Ethfinex will not be required to take any actions during the upgradation, with all funds remaining safe and unaffected throughout the platform upgrade, the company said.

The exchanges will also not be in a position to execute any orders during the downtime period. All open orders will be kept as such, regardless of price movements, and resume once the platform is back online. The orders will not be liquidated during downtime.

However, the exchange said the date for the upgradation will largely dependent on broader cryptocurrency market conditions. It could be postponed if market movements are too volatile on the day.

Bitfinex added that it will intimate its users five minutes before the platform re-opens after the upgrade and trading will start ten minutes after the platform is accessible again.

Last month, Bitfinex had added a UNUS SED LEO utility token, which can be used for various exchange-related activities. It will be tradable against Bitcoin (BTC), US dollar (USD), Tether (USDT), Ether (ETH), and EOS (EOS).

In late April, New York Attorney General or NYAG's office said an investigation by prosecutors found that Bitfinex lost around $850 million in customer and corporate funds, and then used funds from Tether to secretly cover the shortfall. NYAG obtained a court order against iFinex Inc., which operates Bitfinex and Tether, warning it not to violate New York law and defraud New York residents in future.

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