BitMEX trading engine experienced an unexpected downtime due to technical issues. The company however assured users that all funds were safe.
May 19, 2020 | AtoZ Markets – Cryptocurrency exchange BitMEX went down as Bitcoin experienced a sharp drop from $9,885. Users who were able to access the website reported that the trading engine was down and that the company was working to bring it back online as fast as possible.
More than $11.4 million in longs have been liquidated on the exchange in the past 24 hours.
BitMEX trading engine goes down as Bitcoin falls 3%
Since the trading engine went down, both the web-frontend and the API were not accessible to traders. Cryptocurrency exchange BitMEX has been down since 12:13 UTC, with an official announcement from the company saying that they have been experiencing issues with its trading engine.
According to the screenshot of the announcements shared by BitMEX users, the exchange said that they were working on bringing the trading engine back online as soon as possible.
The screenshot below shows BitMEX’s announcement on trading engine downtime
Users have been flocking to social media complaining about BitMEX being down. It is still unclear what led to the downtime nor when the exchange will be operational again.
Following BitMEX trading engine downtime, Bitcoin price dropped almost 3% in a matter of minutes, and it remains unclear whether or not it will continue its downward trend.
BitMEX resumes operations after outage in the trading engine
According to its most recent update, BitMEX reinstated deposits and withdrawals after shutting them down for nearly one hour. It initially restored operations back online via cancel the only mode until 13:40 UTC, where no new orders were placed. The exchange confirmed that no liquidations occurred during the downtime, but didn’t provide any details about the incident as its staff still investigating the matter.
“We can confirm trading resumed at 13:40 UTC. Withdrawals will be processed at 14:00 and 15:00 UTC. A full review of the incident will be posted in due course. We know how much this impacts our customers, and we’d like to apologise to all those affected,” BitMEX writes in a notice.
BitMex had been at the center of similar attention earlier in March, when the Bitcoin price crashed from $7,900 to as low as $3,600, recording its worst single-day drop in seven years.
As AtoZ Markets reported, BitMEX was hit with a new lawsuit over the weekend for allegedly being involved in illegal activities such as market manipulation and money laundering. The lawsuit also alleged that BitMEX operates an unlicensed money transmitting business in the U.S.
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