Cryptocurrency exchange Bitfinex found itself at the center of two simultaneous events. At the beginning of the developments, there is a planned maintenance period that affects user activities. There are also unfounded rumors about a data breach. On May 5, Bitfinex announced via social media that its platform would be under maintenance starting at 12:30 UTC. This outage, which will last two to three hours, will result in the suspension of all commercial 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 about a possible data breach at Bitfinex. Here are the details…
Maintenance on the cryptocurrency exchange
Cryptocurrency exchange Bitfinex is facing a double whammy: 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 under maintenance starting at 12:30 UTC. This outage, which will last two to three hours, will result in the suspension of all commercial activities. Users will not be able to log in, access their wallets or funds, or perform any transactions during this window.
This planned maintenance cryptokoin.com As we reported, this comes amid recent concerns about a possible data breach at Bitfinex. However, the exchange’s Chief Technology Officer, Paolo Ardoino, firmly refuted these rumors on the social media platform. Addressing widespread panic among crypto users, Ardoino clarified that the information spread by the alleged hackers was completely fabricated and had no connection to Bitfinex’s database.
Unfounded rumors of security breach
It detailed inconsistencies in the hackers’ claims. These “hackers” posted 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 plaintext. As a result, it is impossible to collect such information from the platform. Additionally, only 5,000 emails from the leaked data matched Bitfinex users’ emails. Ardoino argues that a perfect match is necessary to verify 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 Bitfinex to contact them. However, Ardoino and his team became aware of this post only on May 3. He also pointed out that real hackers may have used established channels like Bitfinex’s bug bounty program, customer support, email, or even another social media platform to demand ransom.
Ardoino suggests that the leaked data most likely resulted from a compilation of compromised emails and passwords from various crypto platforms. It laments the unfortunate fact that many users use the same login information across multiple websites. Ardoino reassured users that Bitfinex had conducted a comprehensive system analysis and found no evidence of breach. Additionally, the platform’s stringent KYC (Know Your Customer) procedures prevent any attempts to bulk download user data by imposing strong rate limits.
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