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Crypto Exchanges Poloniex and Deribit suspend Trading Activities

Poloniex

Popular cryptocurrency exchanges Poloniex and Deribit recently announced that they have suspended activities for a short period. These exchanges are apparently experiencing technical issues with their platform. Trading at Poloniex has been disabled and is in maintenance mode now.

Deribit explains that they saw  locked order books between 19.31 and 20.01 UTC. Subsequently, trading had been halted. Luckily for Deribit users trading books are now open again. The platform will investigate further into these issues.

This is something that has been worrying users around the world. Interestingly, this has not been the first case when exchanges have witnessed such instances.  

Also Read: Augur Price shoots by 50% following Veil Platform Launch

Other Instances of Hacks

On 15th January , TCU reported a New Zealand based cryptocurrency exchange Cryptopia was hacked. This resulted in the exchange losing millions of dollars. Furthermore, the security experts are currently working in close collaboration with the exchange to minimize the damages. Cryptopia explains that till the investigation is over the platform will remain under maintenance.

Last few years saw several crypto exchanges being hacked which resulted in several users losing precious assets.

Interestingly,  both exchanges, Poloniex and Deribit have been affected during the same hour. This has also raised concerns among crypto users.

It is imperative to store digital assets on  hardware wallets rather than exchanges. Furthermore, hardware wallets are currently the safest way to store virtual currencies. The Bitfinex hack is one example of the several dangers of hot storage. In the hack a total of $72 million worth of BTC got stolen by hackers, leading to a 20% drop in its value within a day.

Also Read: Hacked!!!! Cryptopia Exchange falls Victim to Security Breach

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