Poloniex, a cryptocurrency exchange, announced that it has experienced unplanned downtime on April 24 before resuming trading for all pairs except GRIN / BTC.
Poloniex said in a tweet that because of an unforeseen issue, the exchange had to halt its activity. Interestingly, the exchange warns users that it has no intention of resuming the Grin (GRIN)/Bitcoin (BTC) pair trading, which is apparently the root cause of the failure.
Poloniex resumed activity about an hour later, before entering maintenance mode again. Once trading has resumed for good, its announcement read:
“All markets except GRIN/BTC are now re-enabled for full trading. Our initial maintenance was related to our GRIN/BTC maintenance earlier today. Following that, we began experiencing issues with one of our service providers. We will provide updates once everything is resolved.”
Some Twitter users asked Poloniex how they could withdraw from the platform their Grin holdings, showing fear that the Grin wallet of the exchange would be compromised. Nevertheless, a cybercriminal emptying the Grin wallet of the exchange appears improbable if one considers that only the GRIN / BTC trading pair has been suspended, while GRIN / USDT trading continues as usual.
Some Twitter users asked Poloniex how they can withdraw their Grin holdings from the platform, apparently showing fear that the exchange’s Grin wallet was compromised. Still, a cybercriminal emptying the exchange’s Grin wallet appears unlikely if one considers that only the GRIN/BTC trading pair was suspended, while GRIN/USDT trading continues as usual.
Downtime Prompts Community Frustration
In addition, many Twitter users expressed their frustration about the unscheduled maintenance, with some suggesting that it is inherently malicious. One user on Twitter commented:
“It’s always the case, maintenance is always at the time when BTC is moving, lost enough since [the] market was going down and wanted to cut my long. [I’ll] never use this site again for my trading.”
Unplanned maintenance among cryptocurrency exchanges isn’t too uncommon. This is partly thanks to the youthful space and the infrastructure still under development.
Binance also ran into several performance issues. The trading also stopped early in March for unscheduled maintenance on 19 February and again.
Changpeng Zhao, CEO of Binance at the time, refused technical assistance from OKEx, CEO of competing exchange, Jay Hao, and blocked him on Twitter. OKEx gave its users only a few hours notice later that same month before undergoing maintenance amid significant market volatility.