The BTC-E exchange has been down earlier today due to scheduled maintenance. As is usually the case when this happens, there is a lot of confusion and panic over what is going on. Many people assumed there was a security breach, but that does not appear to be the case. No funds are stolen, and everything should be working as normal once again.
If people in the Bitcoin world did their homework properly, they would have known BTC-E had planned a technical maintenance between midnight and midday on October 2, 2016. All of the company services would be unavailable as this maintenance took place, which is only normal.
A lot of people were concerned about the exchange going offline for such an extended period. Every time a Bitcoin exchange goes down, people are concerned about the platform security, and what may happen to user funds. All of these concerns were invalid, though, as nothing malicious has gone on.
Some people may argue a downtime of 12 hours is unusually long, and plenty of reason for concern over funds. A technical maintenance can mean a lot of different things, and running a large-scale Bitcoin exchange is not so easy. Such an extended period also begs the question whether or not the company uses redundant servers to keep most functionality going.
Keeping in mind how BTC-E has been around since 2011, it is safe to say the company has a certain reputation in the Bitcoin space. While they are not too transparent regarding who runs the platform, and sometimes have to deal with strange issues, they are still alive to this very day.
It did not take long for someone to claim BTC-E has become insolvent. Even though there is zero evidence to back up this claim, it is not the first time such rumors are being spread. Despite what some people may want to believe, BTC-E is not going anywhere anytime soon.
Image credit 1
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
GSR has formally entered the ETF market with their first ETF, $BESO, which is listed…
While the Dogecoin community has always had its share of news to talk about, it…
In a major development, Bitget Wallet has announced the integration of Polymarket directly into its…
The Aave rsETH/wrsETH market froze abruptly, leading to a rapid series of withdrawals, including one…
Last week saw major investment firm Strategy Inc. (MSTR) bust into the crypto world with…
One of Bitmine Immersion Technologies came out to be the most aggressive in its cryptocurrency…
