Announcements

Security Notice and Reminder
February 24, 2017

On February 23rd, 2017, one of our service providers, CloudFlare, reported a serious security bug in their software. The bug caused approximately 1 in every 3,300,000 HTTP requests to leak sensitive data.

CloudFlare has fixed the bug in their software and reported that no Bitfinex data was present in the leaked data caches.

However, it is never a bad time to review your security processes and strengthen your passwords. The most important step you can take to secure your account is to enable two-factor authentication. Two-factor authentication (2FA) uses your phone or another device to add an extra layer of security for things like logging in and withdrawing funds.

Also please note that CloudFlare is a service provider for many other platforms and Bitcoin companies. Please take a few moments to check your other accounts and enable two-factor authentication on any that support this feature. You can update your Bitfinex password from the Account page and enable 2FA from the Security page.

If you have any questions, concerns, or want guidance on account security, please contact [email protected] and we will be happy to assist you.

Bank Holidays
February 23, 2017

Because of Memorial Day in Taiwan the banks will be closed on Monday 27 February and Tuesday 28 February.

During this period there will be no wire deposits and withdrawals processed.

On Wednesday 1 March the banks open again.

API changes for DDoS protection
February 22, 2017

On February 21st and 22nd Bitfinex was the target of a distributed denial-of-service (DDoS) attack that disrupted service for some users.

Prompt attention by the team limited the disruption to approximately 20 minutes. However, this incident highlights the importance of making further improvements to platform robustness against bad actors.

To improve defenses against such an attack, new request rate-limiting will be enabled for the Bitfinex REST APIs effective immediately.

If an IP address exceeds 90 requests per minute to the REST APIs, the requesting IP address will be blocked for 10-60 seconds and the JSON response {"error": "ERR_RATE_LIMIT"} will be returned. Please note the exact logic and handling for such DDoS defenses may change over time to further improve reliability.

For users who need high-frequency connections, please switch to the WebSockets APIs.

Redemption of 4.60% of BFX Tokens
February 03, 2017

We are pleased to announce the redemption of 4.60% of outstanding BFX tokens. This redemption was applied pro rata to all wallet balances and margin positions, both long and short, on February 3, 2017, at 21:00:00 UTC. The amount of the redemption is based on January's operating results, which were unusally strong, ranking as our second best month ever. We are deeply grateful to our loyal customers and shareholders for helping us achieve this result.

After this redemption and January's equity conversions, there are now 28,784,623 BFX tokens outstanding.

We continue to press forward on all fronts to expeditiously retire BFX tokens through a variety of initiatives including equity conversion with qualified token holders, raising new capital through equity financing, reinvesting operating profits, and prudent reductions in contingent liability reserves. We look forward to sharing further developments with you in due course.

Chinese New Year Holidays
January 24, 2017

Because of the Chinese New Year festivities in Taiwan our banks will be closed from Friday 27 January to Wednesday 1 February.

During this period there will be no wire deposits and withdrawals processed. On Thursday 2 February the banks open again.

Best regards

The Bitfinex Team

Redemption of 2.0% of Outstanding BFX Tokens
January 10, 2017

We are pleased to announce the redemption of 2.00% of outstanding BFX tokens. This redemption was applied pro rata to all wallet balances on January 10, 2017, at 23:30:00 UTC. The redemption does not apply to margin long or short positions—only on settled wallet balances. The amount of the redemption is based on a combination of December’s operating results and a reduction in our contingent liability reserves.

After this redemption, there are now 35,712,790 BFX tokens outstanding.

For redemptions in the future, we will be changing our methodology for determining eligible balances. Specifically, in addition to settled wallet balances being subject to redemption, margin positions will also be included with margin long positions receiving the redemptions and shorts paying the redemptions. Redemptions associated with margin positions will be settled to the balances in the margin wallet and will not affect the amount or the base price of the margin position itself.

Since redemptions debit BFX and credit USD, it is possible that a negative BFX balance might be created (while USD is credited) in the margin wallet during subsequent redemptions if there is no BFX collateral. If this happens, the system will handle the negative balance as usual—automatically settling them at the market price. Please note that shorts will see a net reduction in the margin wallet balance, the effect being similar to the situation of being short a stock that pays a dividend.

We continue to press forward on all fronts to expeditiously retire BFX tokens through a variety of initiatives including equity conversion with qualified token holders, raising new capital through equity financing, reinvesting operating profits, and prudent reductions in contingent liability reserves. We look forward to sharing further developments with you in due course.

If you have any questions about redemptions and how we will be handling margin positions in upcoming redemptions, please contact [email protected]

Content Delivery Network Migration
January 10, 2017

As part of our ongoing effort to improve global availability and platform robustness, we will be migrating to a new content delivery network (CDN) during the next two weeks. 

Although we do not expect web users to be disrupted during the migration, some API users may notice momentary connection issues at the moments when servers are undergoing a migration. If this happens, please know that this is expected during migration, and simply try reconnecting a few seconds later to pick up the new IP addresses.

During this migration, if there are any important notices or updates they will be posted to statuspage.bitfinex.com and twitter.com/bitfinex.

Users who have firewall rules based on our current IP ranges will need to take note of the new IP ranges, detailed below. We recommend to modify your firewall rules to allow both the existing and new IP ranges, and once the migration is complete, you can remove the old ranges.

Our current IP ranges are:

  • 199.83.128.0/21
  • 198.143.32.0/19
  • 149.126.72.0/21
  • 103.28.248.0/22
  • 185.11.124.0/22
  • 192.230.64.0/18
  • 45.64.64.0/22
  • 107.154.0.0/16

On the new CDN the IP ranges will be:

  • 103.21.244.0/22
  • 103.22.200.0/22
  • 103.31.4.0/22
  • 104.16.0.0/12
  • 108.162.192.0/18
  • 131.0.72.0/22
  • 141.101.64.0/18
  • 162.158.0.0/15
  • 172.64.0.0/13
  • 173.245.48.0/20
  • 188.114.96.0/20
  • 190.93.240.0/20
  • 197.234.240.0/22
  • 198.41.128.0/17
  • 199.27.128.0/21

If you have any questions about how this may affect your situation, please reach out to [email protected] and we will happily help you.

Unused Financing Fee
January 09, 2017

A recent analysis of user behavior has revealed several attempts to artificially inflate funding rates for certain currencies through a particular pattern of taking and returning funding. The pattern and scale of these user actions indicate systematically manipulative behavior. Such behavior is strictly prohibited.

To prevent exploitative behavior and to protect traders and lenders, Bitfinex is adjusting how fees are handled in these situations.

Effective immediately, the platform will charge one full day’s interest on any funding that is borrowed and subsequently returned without being used in a financed position. This change will not impact most traders or funding providers. It will act to dissuade manipulative behavior and ensure fair platform use for all.

Platform monitoring tools will continue to detect disruptive, distortionary, or manipulative borrowing practices in order to maintain the best possible environment for traders and funding providers. Please note that levying this new fee does not endorse or condone this behavior. It is still impermissible, and we reserve the right to take further punitive measures as we deem necessary to ensure the integrity of the financing platform. Specifically, users subject to this fee may be flagged for further investigation and may be subject to further sanction, at our discretion.

If you have any questions about how this may affect your trading or financing activities, please reach out to [email protected] and we will happily help you.

Over The Counter (OTC) Trading Desk
December 21, 2016

Many traders have expressed interest in the ability to make larger trades directly with a counterparty without having to go through the public order books.

To make that possible, Bitfinex is pleased to officially announce the launch of our new Over The Counter (OTC) Trading Desk. Through our OTC desk, traders will be able to access digital currency liquidity without affecting the exchange market price.

Introduce Bill Brindise

Heading up our desk is Bill Brindise, the former Chief Trading Officer of DigitalX. He brings with him over three years of digital currency trading experience and contacts throughout the industry. Before trading digital currencies, Bill spent 18 years trading and brokering energies and metals on the NYMEX floor and in the OTC markets. With over 20 years of trading and sales experience, Bill is the ideal candidate to lead our OTC desk and support future innovation at Bitfinex.

Two ways to take advantage of the OTC desk

  1. Access instant liquidity through Bill Brindise at [email protected].
  2. Trade directly with another Bitfinex user.

In addition to facilitating OTC trades, Bill will be the product manager for the OTC platform facility as well as our upcoming daily auction product.

To get started, visit The OTC Desk.

Zcash Now Available for Margin Trading
December 20, 2016

On October 28th, 2016 Bitfinex added Zcash as a new trading currency. At that time only exchange (spot) trading was enabled.

Now, both of the Zcash trading pairs - ZECUSD and ZECBTC - are available for margin trading and margin funding for non-US users.

Zcash is a relatively new cryptocurrency. Until order book liquidity further develops, margin trading Zcash will require 100% initial margin and 50% maintenance margin. This means that users will be able to open margin trading positions equal in value to the collateral held in their margin wallet and adds the option to open short positions for ZECUSD and ZECBTC. As the market develops, these parameters will be readjusted to allow for leveraged margin trading, both long and short.