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Popular Bitcoin Exchange Mysteriously Closed Processing!

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Popular Bitcoin Exchange Mysteriously Closed Processing!

The popular Bitcon and cryptocurrency exchange Poloniex experienced an unplanned outage for all its pairs, except GRIN / BTC. Poloniex’s mysterious downtime disappointed the community and started hacking rumors.

Unplanned maintenance work on the popular Bitcon exchange Poloniex confused

On April 24, the cryptocurrency exchange Poloniex closed its platform due to an unplanned maintenance work and then continued trading with all couples except GRIN / BTC. Poloniex said on the official Twitter account that the  stock market had to stop its operation due to an unexpected problem. 

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Interestingly, the stock market warns users that it does not want to continue to list the Grin (GRIN) / Bitcoin (BTC) pair, which is apparently the cause of the problem. Poloniex resumed its operation after about an hour before switching back to maintenance mode. When the trade started again, the announcement of the stock exchange was as follows:

ALL MARKETS EXCEPT GRIN / BTC ARE NOW REACTIVATED FOR FULL TRADE. OUR FIRST MAINTENANCE WAS RELATED TO OUR GRIN / BTC MAINTENANCE EARLIER TODAY . THEN WE STARTED HAVING PROBLEMS WITH ONE OF OUR SERVICE PROVIDERS. WE WILL PROVIDE AN UPDATE WHEN EVERYTHING IS RESOLVED.

Has Poloniex’s Grin wallet been hacked?

Some Twitter users asked Poloniex how to withdraw Grin assets from the platform, and apparently, investors feared the stock wallet for Grin was hacked. However, given that only the GRIN / BTC trading pair has been suspended and the GRIN / USDT trade continues as usual, the Grin stock market wallet cannot be said to be empty.

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Moreover, many Twitter users have expressed disappointments about unscheduled maintenance, and some have suggested that this is malicious. A Twitter user commented on the subject:

THIS IS ALWAYS THE CASE, THE SERVICE ALWAYS HAPPENS AT A TIME WHEN BTC IS MOVING, THE MARKET IS FALLING AND YOU WANT TO SHORTEN ITS LONG POSITION. I WILL NEVER USE THIS SITE FOR MY TRADE AGAIN.

What is the reason for the unscheduled maintenance of Bitcoin exchanges?

Unscheduled maintenance is not uncommon among cryptocurrency exchanges. This is partly due to immature market and infrastructure development.  Binance encountered a number of performance issues. In addition, the stock market stopped its services due to unplanned maintenance on February 19 and early March.

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At that time, Binance CEO Changpeng Zhao denied the request for technical assistance from CEO of the rival OKEx exchange, Jay Hao, and blocked him on Twitter. Later in the same month, OKEx notified its users only a few hours before it entered maintenance amidst major market fluctuations.

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