Estonia-based cryptocurrency BitBay announced that it went offline for more than 18 hours due to a third party service provider’s problems which caused crypto trading suspension. BitBay tweeted that it was struggling with a “network problem” resulting from their “external service provider”. The exchange stated that it had contacted the provider and was working to solve the problem of outage.
BitBay, which was founded in Poland in 2014, claims to be Europe’s third-largest crypto-currency exchange with over 800,000 users.
BitBay announced it was back online at 2.56AM (UTC) Thursday and would resume trading at 9AM.
After going offline for four hours, the exchange announced that the issue was more complicated than originally thought but that once the issue has been resolved it will relaunch with limited functionality to allow traders to cancel or place orders before the matching engine resumes.
Later the exchange broadcasted a live stream on Facebook. BitBay tried to calm its increasingly concerned customers in the comments section, ensuring that “all fiat and crypto funds are safe” and asking for “a little more trust” while the exchange was working to rectify the outage.
But with no end in sight to the outage, users began voicing suspicions that the ‘ network problem ‘ was a cover story for a much bigger issue. Following the previous post, BitBay tweeted that it would soon inform customers of “the current status and plans to recover the platform” and stressed that the funds of the users were safe and the interruption was not caused by a hacker attack.
New Daily Record Trading Volume
The outage comes just two weeks after the exchange posted a new daily record volume of trade in almost six years of operation. On 13 March, the former exchange based in Poland hosted approximately $75 million in daily trade between BTC and PLN. Polish traffic accounts for one-third of the traffic on exchange.
Despite the breakdown, BitBay appears to have facilitated almost $40 million in trade in the past 24 hours.
In a tweet sent 1:00 AM, BitBay said it had faced more problems and that “despite our team’s hard work and constant contact with the server service provider, we were unable to start the infrastructure at 100 percent.” The exchange added that it was working to relaunch the platform as soon as possible and provided a link to a status page about the disruption.