In an effort to eliminate "orphaned" withdrawals requests, Bitfinex will start to automatically cancel withdrawals that have been pending e-mail confirmation for over an hour. Canceled withdrawal amounts will be credited back immediately to customer accounts. We are doing this as a service to our customers who might overlook confirmation e-mails in their inbox and forget about the amount. Until now, we have been manually cancelling such requests at irregular intervals.
Due to the Tomb Sweeping Day in Taiwan all banks will be closed this coming Friday (3 April) and coming Monday (6 April). No deposits or withdrawals by wire will be processed these 2 days.
The Bitfinex team
Due to the Chinese New Year festivities in Taiwan all banks will be closed from Wednesday 18 February up to Monday 23 February.
On Tuesday 24 February the banks will re-open. During this period Bitfinex won¹t be able to process incoming and outgoing wires.
In addition to this also Friday 27 February is a banking holiday in Taiwan (228 Memorial Day).
The Bitfinex team
Bitfinex is pleased to announce the availability of Tether as a withdrawal and deposit method for our verified clients.
Verified users now have an additional “Tether” funding option, along with “Crypto-Currencies” and “Wire Transfer” on the Deposit and Withdraw pages. Tether is a Bitcoin-compatible token which represents one dollar, and can be held in any Tether-enabled Bitcoin wallet (Omni Wallet or Tether.to). Tether tokens can be deposited and traded for other tokens at exchanges that support Tether. Tethers can also be withdrawn and held in any Bitcoin wallet where you control the private key, including offline and paper wallets, allowing users to hold their US Dollar balances in a cryptographically secure manner, just like bitcoins.
Each Tether is backed 1-to-1 by its corresponding currency, which can be viewed and verified in real-time via the Tether.to website and on the Blockchain. Tether will be fully transparent and audited to demonstrate 100% reserves at all times.
We see Tether as a significant optimization for the problems that plague bitcoin traders and exchanges when interfacing with the traditional banking system. We proudly support Tether and encourage other exchanges, OTC traders, and arbitrageurs to also use Tether. We believe that widespread adoption of a secure Blockchain-compatible ‘crypto-dollar’ will lead to better price discovery, market transparency and liquidity.
More information is available at https://tether.to and the press release can be read here
In light of recent events, and in response to questions from our users, we wanted to convey some information to the community regarding our security protocols. Generally, we want to remind our users that we are paranoid about security, and have the industry leading standards in place to protect all of our cryptocurrency assets. Specifically, we do the following:
Multisig cold wallets to hold crypto-currencies
We have been using multisig addresses for cold storage since the beginning of December 2014. The vast majority of customer bitcoins are stored in the cold wallets. We do not store more than 0.5% of our assets on hot wallets. Our hot wallets are not accessible from the front-end servers.
Always up-to-date linux systems to host the platform
Our server network is protected by always using up-to-date software and the best possible practices.
Advanced account protection
We offer several options to secure user accounts: Email, OTP authentication and SMS/Voice authentication to validate logins and withdrawals. We have also developed tools to detect unusual account activity that have successfully protected users who have had their accounts compromised in the past.
Trade-only exchanges API keys
API keys are encrypted and not stored in our code or database. These keys provides only the right to get balances and buy and sell bitcoins. Withdrawal are handled on the website through our withdrawal box (which is isolated from the rest of our server network).
Automatic backup of the database once a day
Once a day, the database of the platform is backed up, encrypted and compressed as an archive. The passwords of users it contains are hashed and cannot be stolen. As soon as a new backup is ready (database, log files,...), it is sent to others servers in several physical locations.
Secure storage of customer KYC documents
Once documents are uploaded during the verification process, they are stored separately and are not accessible from the web servers.
Security monitored and audited
Our platform’s security is regularly tested, monitored and audited by third party security experts to detect and prevent any intrusions.
We are committed to making sure that any funds that are entrusted to us are kept safe. While, it is impossible to be 100% secure, we believe that a strong security plan should place an emphasis on minimizing the effect of any attack, which is precisely what we have endeavored to do with the above security protocols.
In an effort to address some of the community’s concerns surrounding the price premium of TH1 over intrinsic value and lack of liquidity on the book, Bitfinex will be making some adjustments to TH1. Firstly, we would like to plainly state that Bitfinex will not tolerate any behavior that we deem to be manipulative. We are looking closely at the behavior of some of the participants and are mulling over some overall rule changes to discourage certain behaviors system-wide – more to come on that later. Just because the platform permits an unintended use pattern does not mean that we won’t take a punitive approach in dealing with those traders trying to exploit loopholes in a manipulative fashion. This contract is a beta product, and we have reserved the right to make adjustments as necessary to improve the integrity of the product. To that end, the following changes will soon go into effect:
|Monday, October 20th, 2014||40%||20%|
|Monday, October 27th, 2014||50%||25%|
|Monday, November 3rd, 2014||60%||30%|
|Monday, November 10th, 2014||70%||35%|
|Monday, November 17th, 2014||80%||40%|
|Monday, November 24th, 2014||90%||45%|
|Monday, December 1st, 2014||100%||50%|
|Wednesday, December 3rd, 2014||100%||60%|
|Friday, December 5th, 2014||100%||70%|
|Sunday, December 7th, 2014||100%||80%|
|Tuesday, December 9th, 2014||100%||90%|
|Thursday, December 11th, 2014||100%||100%|
It will be the responsibility of the traders to insure that their positions are backed by enough collateral to avoid any forced liquidation that may result when MMR is increased. We apologize for any inconvenience caused by these changes as we continue to fine-tune this beta product for future offerings.