Estonia-based digital currency exchange, BitBay went offline for a few hours Monday, but the popular platform in Europe has yet to disclose the details of the outage.
Expectedly, some of BitBay users were not too happy about it, fearing that this could be just a cover-up for a much greater problem. The exchange experienced a wide network outage earlier in March, and while it initially assumed it will take an hour or two to get the issues resolved, the incident ended up being over 18 hours.
At the time, BitBay blamed the outage on an external service provider and promised to resolve the issue to prevent a similar event in the future.
BitBay published a tweet explaining the situation but without giving specific details. Clients were asked to remain patient during the outage as the exchange worked to resolve the issue.
“Dear Users, our platform is currently unavailable. We are working on the resolution. Your funds are safe. We apologize for the inconvenience and ask for your patience,” it said.
All the users received as a response to their queries on Twitter was, “Technical work is underway, we apologize for the inconvenience.” It published this same message on its website.
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Founded in 2014 in Poland, BitBay is said to have over 200 employees and 800,000 users. Its platform has transacted more than $10 million in 24-hour volumes, according to crypto data aggregator, Coinmarketcap.
BitBay published an update two hours later, telling users the issues were not resolved yet, but the exchange floated the idea of launching the platform without access to transactions, giving users the opportunity to cancel previous offers.
We have not managed to solve the problem yet. 🙁 We plan to launch the platform with the blocked possibility of transaction processing. You will have time to cancel offers (30 minutes). We will keep you updated on the situation. Thank you!
— BitBay (@BitBay) October 12, 2020
The BitBay outage comes just two months after some of the largest crypto exchanges had their Twitter accounts compromised in one of the most widespread and confounding breaches that promoted a bitcoin scam.
Despite the ongoing development in crypto exchanges’ technical infrastructure and engineering staff, the latest incidents remind crypto traders that access to even major platforms may become degraded or unavailable during times of significant volatility or volume.