Brazilian Exchange Foxbit to Process Withdrawals during Extended Downtime

Brazilian Exchange Foxbit to Process Withdrawals during Extended Downtime

As recently covered by CCN, Brazil’s largest cryptocurrency exchange Foxbit recently went down and lost a total of 30 bitcoins because of a bug that allowed users to withdraw their bitcoin balances twice. At the time, Foxbit claimed it would be back online by March 14, but now warned the platform will be offline until March 26.

Through a YouTube livestream, the cryptocurrency exchange’s COO Guto Schiavon and CEO Jo?o Canhada revealed users will be able to withdraw their funs during Foxbit’s downtime. Withdrawals, according to the exchange’s executives, will be processed manually.

This means that to request a withdrawal, users will have to fill in a form. Per Schiavon, Foxbit will have 40 employees working on customer support to guarantee all requested withdrawals are processed. The exchange will only allow users to withdraw their entire balances.

To make it up to its customers, the exchange will process withdrawals without charging fees. During the YouTube livestream, several users questioned Foxbit’s health, to which its founders replied (roughly translated):

They further stated that the “power of exchanges isn’t shown by their lack of failure, but by their ability to come back.” Foxbit’s executives added that they’d improve their communication in the future, and that users shouldn’t use the exchange as a wallet. Instead, they advised them to store funds in a wallet so they’ll be in charge of their own money.

Other cryptocurrency exchanges using Blinktrade, a company that allows exchanges to develop their own platforms without hiring a developer, have also been down as the company is reportedly dealing with an error in its database.

Pakistani exchange Urdubit used Facebook to reveal it won’t be back until March 18 because of Blinktrade, while Vietnamese exchange VBTC claimed it could be back online anywhere between today and March 18.

Notably, according to local publication Portal do Bitcoin, bitcoin trading volume fell by about 50% in Brazil soon after its biggest exchange went down. During Foxbit’s incident, users seemingly prefer to wait it out instead of flocking to the exchange’s competitors.

Featured image from Shutterstock.

19.03.2018 / 04:29 96
Bittrex Will Remove 82 Tokens Due to Lack of Liquidity in Small Cryptocurrencies Bittrex Will Remove 82 Tokens Due to
Bittrex, one of the largest cryptocurrency exchanges which also powers UpBit, South Korea’s second biggest exchange operated by Kakao subsidiary
Coincheck Starts Refunding Customers’ NEM Coincheck Starts Refunding Customers’
Japanese cryptocurrency exchange Coincheck Inc. started making refunds in yen from March 12 (JST) to users who had NEM deposits when the exchange was
$270,000: Brazil’s Largest Bitcoin Exchange Foxbit Down for 72 Hours, 30 BTC missing $270,000: Brazil’s Largest Bitcoin
Foxbit, Brazil’s largest cryptocurrency exchange, has been down for over 72 hours, reportedly because of a bug that allowed its users to withdraw
Japanese Exchange Coincheck Begins JPY Refunds for NEM Hack Victims Japanese Exchange Coincheck Begins JPY
As of today, Tokyo-based Coincheck has begun distributing reparations to users impacted by the infamous late January theft of some $530 million in
Binance Reverses Irregular Trades, Resumes Trading Amidst Community Confusion About Hack Binance Reverses Irregular Trades,
Following a hack on the crypto exchange Binance, irregular trades have been reversed and trading activities have resumed. The largest crypto exchange
Cryptocurrency Exchanges Slash Withdrawal Fees Cryptocurrency Exchanges Slash
In the past week, three of the most popular cryptocurrency exchanges have cut bitcoin withdrawal fees by up to half. While the average price of
Comments (0)
Add a comment
Comment on