We're pleased to announce that Bitfinex will be supporting Ethereum's upcoming system-wide Istanbul upgrade.
The scheduled upgrade will happen at block number 9,069,000, which is predicted to occur on Saturday, December 7, 2019.
Bitfinex customers will not be able to deposit or withdraw ETH and ERC20 tokens starting from a few hours before the upgrade. Should you be depositing ETH or ERC20 tokens, please do so enough time in advance.
You can still trade ETH and ERC20 tokens during this upgrade.
Once the network upgrade is complete, deposits and withdrawals will resume.
For more information on the Ethereum Istanbul Upgrade, please visit: blog.ethereum.org/2019/11/20/ethereum-istanbul-upgrade-announcement
We're pleased to announce a joint initiative with Bitrefill that will enable our customers to shop using Bitcoin, utilizing the first B2B settlement process deploying the Lightning Network!
Bitrefill is a provider of digital gift cards and mobile airtime refills using Bitcoin technologies.
With the integration of Bitrefill's catalog into the Bitfinex platform and by leveraging cutting-edge capabilities of the Lightning Network, our customers can use Bitcoin to pay for a variety of services, such as gaming, dining, entertainment and travel, or shop from Bitrefill's international catalog of more than 2,000 digital gift cards and receive voucher codes instantly.
In the background, Bitfinex and Bitrefill will be using a customized Lightning-channel setup to open large channels and automatically settle payments. This eliminates the need for B2B credit term relationships and provides better flow and reliability for our customers.
This joint initiative aims to power and close the loop for the Bitcoin circular economy. This also underlines our commitment to building the new digital economy, following on from our recent introduction of support for Bitcoin deposits and withdrawals on the Lightning Network.
Discover Bitrefill's catalog and start living on crypto.
We're pleased to announce that Bitfinex has launched support for the Lightning Network!
The Lightning Network is a decentralized system of smart contracts built as a second-layer of the Bitcoin blockchain, enabling custodian-free instant, high-volume micropayments across a network of participants.
The Lightning Network creates a secure network of participants that can transact with each other directly, without having to broadcast everything on the Bitcoin blockchain. The second layer technology for Bitcoin uses the blockchain only for final settlement of funds, which happens when the payment channels are closed.
The Lightning Network contains nodes that act as open payment channels for Bitcoins to be sent and received. The Bitfinex platform is running its own Lightning Network node, which you can connect to and open a payment channel with us here: https://ln.bitfinex.com/
You can now deposit and withdraw Bitcoins on Bitfinex via the Lightning Network. For more information, please visit: Lightning Network Deposits and Withdrawals.
Bitfinex will be performing a system upgrade on Thursday, November 28th designed to enhance the stability and scalability of the iFinex infrastructure.
The upgrade is set to commence at 10:30AM UTC and services will be offline from three to seven hours. Please note that this is a rough estimate and the precise time may change slightly based on market movements.
The platform upgrade will require taking all iFinex trading platforms offline for the duration of the maintenance period. This means that Bitfinex traders will be unable to trade, view or obtain access to their wallets during the update.
We kindly ask all our traders to plan ahead accordingly and make the necessary account adjustments prior to the start of the platform upgrade.
What this means for traders
Traders on Bitfinex will not be required to take any action:
For more information on the day of the upgrade, please refer to the Bitfinex status page and Twitter account for official progress. We will let our users know five minutes before the platform reopens. Trading will start ten minutes after the platform is accessible again. We appreciate your patience during the system upgrade and look forward to presenting you with an improved trading experience.
Bitfinex is supporting the Monero (XMR) protocol upgrade scheduled for 30/11/19. This is being done to improve levels of privacy on the Monero network, along with the introduction of a new long-term Proof-of-Work algorithm, RandomX.
Customers will be required to regenerate their XMR deposit addresses on our platform from 27/11/19 12:00 PM UTC.
For further information on the upgrade: https://web.getmonero.org/2019/10/01/announcement-release-0-15.html
On November 22, without notice to us, a class action complaint was filed against Bitfinex and Tether in the U.S. District Court for the Western District of Washington. This copycat lawsuit suffers from the same multitude of deficiencies as the unsound complaint filed in the U.S. District Court for the Southern District of New York on October 6. The Plaintiffs' claims here are similarly without merit, and Bitfinex strongly contests the bogus research purporting to support them.
As we predicted last month, mercenary lawyers continue to try to use Bitfinex and Tether to obtain a payday. To be clear, there will be no nuisance settlements or settlements of any kind reached. Instead, all claims raised across both actions will be vigorously contested and ultimately disposed of in due course. Once they are, Bitfinex and Tether will fully evaluate their legal options against those bringing and promoting the baseless claims.
These absurd and groundless accusations are an attack on the growth, success and innovation of the entire digital token ecosystem, in which Bitfinex is proud to play a critical role. Meritless lawsuits like these are a continuing affront to the efforts and dedication of Bitfinex's customers and all participants in the digital currency ecosystem. Our fight is the community's fight.
Founded in 2012, Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital assets. Bitfinex's strategy focuses on providing unparalleled support, tools and innovation for professional traders and liquidity providers around the world.
Bitfinex and its affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing. All Tether tokens are fully backed by reserves and are issued and traded on Bitfinex pursuant to market demand, and not for the purpose of controlling the pricing of crypto assets. It is irresponsible to suggest that Tether or Bitfinex enable illicit activity due to the efficiency, liquidity and wide-scale applicability of Tether's products within the cryptocurrency economy.
We're excited to announce a platform update that brings new important features to Bitfinex traders.
We're dedicated to bringing you the best platform possible. Feedback from our customers is incredibly valuable to us. If you have any suggestions, please join the Bitfinex Telegram channel.
On November 18th, MakerDAO is reaching an important milestone launching Multi-Collateral Dai. The upgrade will introduce new features to the Maker Protocol, including the Dai Savings Rate (DSR) and additional collateral asset types. More details and information about the upgrade can be found on the MakerDAO's blog.
Bitfinex will support the upgrade via a two step process:
How to be part of the upgrade?
If you already hold DAI on our platform and wish to participate in this upgrade, you do not need to do anything - the funds will be automatically upgraded on December 2nd.
What if I don't want to upgrade?
Users who do not wish to upgrade must opt-out by withdrawing their funds before December 2nd. On this date we will suspend all deposits and withdrawals of SAI and any remaining SAI on the exchange will be converted into DAI.
After the upgrade, which is expected to be completed on December 2nd, deposits and withdrawals of DAI (Multi-Collateral Dai) will open.
SAI (Single-Collateral Dai) deposits made on to Bitfinex after December 2nd will not be credited. Please exercise extreme care to avoid depositing wrong tokens or to a wrong address as we cannot guarantee that funds are recoverable.
Today, Bitfinex advised the U.S. District Court in the Southern District of New York of its intention to file a motion to dismiss the frivolous class action lawsuit filed last month. The motion will allege that many of Plaintiffs' causes of action lack the required legal basis to proceed past the very early stage of the case.
There are several reasons to look at the Plaintiffs' claims with a jaundiced eye, including the following. Plaintiffs' accusations of bitcoin manipulation largely rely on a draft of an unpublished academic paper by John M. Griffin and Amin Shams. Separate and apart from key methodological flaws in the paper, it was recently amended to walk back support for a core allegation of the Plaintiffs' complaint. The complaint also ignores an array of other factors that contributed to the spike in the price of bitcoin in 2017. Furthermore, the complaint claims, without evidence and in defiance of reason, that somehow Tether manipulated a market more than seven hundred times the size of total Tether USDT issuances in circulation between March and December of 2017, something that any sophisticated and rational observer of the digital token ecosystem knows to be ridiculous.
Bitfinex looks forward to putting the true facts before the court at this stage and throughout the proceedings. The Plaintiffs continue to act in a way that undermines the many contributions of thousands of members of the digital token economy. Bitfinex will vigorously contest Plaintiffs claims and relentlessly defend itself, its customers and stakeholders, and the cryptocurrency community.
To view the full text of the pre-motion letter to the court, click here.
We're pleased to announce that Bitfinex has listed Chiliz (CHZ). Trading in CHZ commenced on 15/11/19 at 11:00 AM UTC.
CHZ is a native token best known for powering Socios.com, a blockchain-based platform that enables sports fans to buy tokenized voting rights in their favourite teams. For more information on CHZ, please visit: https://www.chiliz.com/en/token-details/
CHZ can be traded with US Dollars (CHZ/USD) and Tether (CHZ/USDt).