Poloniex Exchange Confirms Funds Are Safe Despite Outage

Popular cryptocurrency exchange Poloniex is currently affected by an unexpected outage. According to the company’s social media accounts, a datacenter outage is to blame. All coins are safe, though, which is the most important news.

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It is not the first time. Bitcoin companies are dealing with downtime these days. Just yesterday, BitGo was dealing with a severe DDoS attack, which made their services inaccessible. Moreover, all of the companies relying on their infrastructure were affected by this attack as well.

Temporary Issue Affects Poloniex Servers

But in the world of exchanges, things are very different. Every time a platform goes down temporarily, there is a significant cause for concern. Cryptocurrency enthusiasts have been burned in the past when exchanges suddenly went down or disappeared.Strangely enough, this usually seems to happen to some of the largest exchanges in the world at that time.

The collapse of Mt. Gox was the first major shock wave to hit the Bitcoin world many years ago. Ever since platforms such as Cryptsy and MintPal were all forced to shut down as well. Smaller exchanges have seen their fair share of data breaches and hacks too, which puts the community on edge every time there is a temporary outage.

Poloniex is the largest altcoin exchange in the world today, as they continue to dominate nearly every alternative cryptocurrency trading market. Especially Ethereum and The DAO tokens are seeing a lot of daily trading volume on these platforms. But now that Poloniex is temporarily offline, a lot of traders are panicking and show concerns over their funds.

Luckily, it looks like these worries are unfounded, as the Poloniex Twitter account states:

For the time being, it is unclear as to how long this outage may take, and what the potential consequences could be. While it is good to see Poloniex confirm all user funds are safe, users will remain edgy until they can access their accounts once again. It is positive to see the company warn people on social media, though, to avoid most of the panicking.

Do you have funds stored in Poloniex wallets, and if so, which currencies do you trade? Let us know in the comments below!

Source: Twitter

Images courtesy of Poloniex, Shutterstock