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Cryptocurrency exchange Bitfinex halts trading following cyberattack

Cryptocurrency exchange Bitfinex halts trading following cyberattack

Bitfinex shut down briefly Tuesday morning after facing cyberattack.

Bitfinex was targeted in a distributed denial-of-service attack, DDoS, which overwhelms a system with multiple virus-infected servers.

"Issues with one of our infrastructure providers caused the previous outage," the company wrote on its website.

"While the platform was recovering, the attack caused extreme load on the servers"

Bitcoin prices plunged 2 percent after the news, hitting a low of $7,373.47, according to the data from CoinDesk.

Trading on Bitfinex had resumed at 11 am ET and the company stated that it was "monitoring the situation closely."Before it announced the attack, Bitfinex had stated that trading was paused while it underwent "unplanned maintenance."

A Bitfinex spokesperson told in an interview, "The attack didn't impact user accounts and their associated funds or account balances. Although the attack affected trading operations, the user data is safe."

Founded as a peer-to-peer bitcoin exchange, Bitfinex was founded in Hong Kong in 2012 and later on it added support for other cryptocurrencies.

Bitfinex had also suspended trading in August 2016 after a hack resulted in the theft of nearly 120,000 bitcoins.

Security has remained a concern for multiple global exchanges.

In January, hackers stole about $500 million worth of a lesser-known cryptocurrency from Coindesk, a major Japanese exchange platform.