Cryptocurrency exchange Bitfinex found itself at the center of two simultaneous events. First, there is a planned maintenance period affecting user activity. There are also unsubstantiated rumors of a data breach. On May 5, Bitfinex announced via social media that its platform would be undergoing maintenance starting at 12:30 PM PT. This outage, which will last for two to three hours, will result in the suspension of all trading activities. Users will not be able to log in, access their wallets or funds, or perform any transactions during this window. This planned maintenance comes amid recent concerns over a possible data breach at Bitfinex. Here are the details

Maintenance at cryptocurrency exchange

Cryptocurrency exchange Bitfinex is facing two different situations: a planned maintenance period affecting user activity and unfounded rumors of a data breach. On May 5, Bitfinex announced via social media that its platform would be undergoing maintenance starting at 12:30 pm PT. This outage, which will last for two to three hours, will result in the suspension of all trading activities. Users will not be able to log in, access their wallets or funds, or perform any transactions during this window.

This is scheduled maintenance, Cryptocoin.com as we reported, amidst recent concerns over a possible data breach at Bitfinex. However, the exchange’s Chief Technology Officer Paolo Ardoino has firmly debunked these rumors on the social media platform. Addressing the widespread panic among crypto users, Ardoino explained that the information spread by alleged hackers is completely fabricated and has no connection to Bitfinex’s database.

Unsubstantiated rumors of security breach

He detailed the inconsistencies in the hackers’ claims. These “hackers” published two large links containing sample data, allegedly consisting of 22,500 email address and password combinations. Ardoino emphasized that Bitfinex does not store user passwords or two-factor authentication (2FA) secrets in plain text. As a result, it is impossible to collect such information from the platform. Furthermore, only 5,000 emails from the leaked data matched the emails of Bitfinex users. Ardoino argues that a perfect match is necessary to validate the Bitfinex data breach claim.

Ardoino weighed in on his claim, highlighting the lack of communication with the alleged hackers. According to him, the hackers issued a 7-day ultimatum via a social media post on April 25, demanding that Bitfinex contact them. However, Ardoino and his team only became aware of this post on May 3. He also pointed out that the real hackers may have used established channels such as Bitfinex’s bug bounty program, customer support, email, and even another social media platform to demand ransom.

Ardoino suggests that the leaked data most likely originated from a compilation of compromised emails and passwords on various crypto platforms. He laments the unfortunate fact that many users use the same login credentials on multiple websites. Ardoino reassured users, saying that Bitfinex conducted a thorough system analysis and found no evidence of any breach. Additionally, the platform’s strict KYC (Know Your Customer) procedures prevent any attempt to download user data in bulk by enforcing strong speed limits.

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