Poloniex was suspiciously under maintenance during the wee hours of Friday morning as the users faced a sudden downtime. The issue is almost resolved now. Many traders suspected malpractice on this trading platform as the downtime coincided with the change in Bitcoin’s price.
The platform went offline just before 00:00 GMT. Even though its back to normal now, the GRIN/BTC market remains out of reach.
Traders are waiting for an explanation:
Poloniex announced the crash initially on twitter this morning and apologized for the crash. After approximately four hours, the service was restarted and was back to normal.
Was it just a coincidence?
Even though many traders started blaming Poloniex, there are chances that this was just a coincidence.
Many platforms face this downtime during times of market volatility. The traders won’t see this and blames the platform for malpractice.
However, market moves create demand on exchanges, which leads to an unexpected surge, which results in overloading essential services. This does not mean some foul play is in the act. Bitcoin increased by almost seven percent and started trading way above $7,500 currently.
Market volatility might affect the platform’s efficiency. Firstly, Poloniex makes money on every trade a user makes; hence, the act of going offline would result in a further loss for the platform. This might say that downtime was not intentional.
