Bitfinex Undergoing DDOS Attack, IOTA Wallets Temporarily Unavailable

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Cryptocurrency trading platform Bitfinex announced in a tweet that they been experiencing DDOS attack which affected the deposits and withdrawals for the newly listed IOTA on June 13, 2017.

Plans of tightening platform securities

According to their tweet announcement, they plan on increasing the security of the platform following the DDOS attack. An hour later, Bitfinex has announced that their system has stabilized, but will still continue to any issues.

IOTA deposits and withdrawals are currently unavailable due to wallet maintenance. Funds are safe

— Bitfinex.com (@bitfinex) June 14, 2017

In series of follow up tweets after the DDOS attack, Bitfinex assures its users of the safety of their funds although IOTA wallets were temporarily unavailable. Their latest announcement assures its clients that while transactions may have been temporarily disrupted, they are working on a fix and that funds are secured.

High demand for IOTA during its launch

IOTA token has been one of the frontrunners in the cryptocurrency industry under the Bitfinex exchange despite having been launched just this year. It already had a record breaking high of $1.5 billion market cap. However, following its listing in Bitfinex on June 12, the DDOS underwent an attack that slowed down the operations and brought everything to a halt possibly due to the unexpected high volume of trades during the launch.

Just within its first hour of trading, IOTA already garnered a volume worth of 4.44 mega IOTA with the IOT/USD pair, valued at $38 mln. With an unstable system that just had a launch, such disruptions are quite usual for in demand and overly subscribed tokens.

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