Bitfinex Suspends Filecoin Recharge and Withdrawal: What You Need to Know

On April 26th, according to an official announcement, Bitfinex will suspend Filecoin (FIL) recharge and withdrawal for approximately 24 hours starting from 13:00 UTC (21:00 Beijing time) on April 27th due to Filecoin’s nv19 Lighting and nv20 Thunder network upgrades. Once FIL recharge and withdrawal are reopened, Bitfinex will notify the customer. The transaction will not be affected.

Bitfinex will suspend Filecoin (FIL) recharge on April 27th

Introduction

On April 26th, Bitfinex made an official announcement stating that it will suspend all Filecoin (FIL) recharge and withdrawal operations for approximately 24 hours starting from 13:00 UTC (21:00 Beijing time) on April 27th in order to accommodate Filecoin’s network upgrades on the nv19 Lighting and nv20 Thunder. After the upgrade, Bitfinex will notify its customers when FIL recharge and withdrawal are operational again. However, it is essential to know what this suspension means to all investors.

Why is Bitfinex Suspending Filecoin Recharge and Withdrawal?

Filecoin network is going through a protocol upgrade which requires the rebuilding of the consensus layer to ensure that the network operates efficiently. This upgrade necessitates the shutdown of miner upgrade support as well as the network upgrade of nv19 Lighting and nv20 Thunder, which will last for around one day. The upgrade will solve problems with the congestion of a large number of blocks and enable the efficient operation of the system, which is crucial for the entire ecosystem.

Measures to take During the Suspension Period

During the 24 hours suspension period, Bitfinex customers will temporarily be unable to recharge and withdraw their FIL from the platform. However, it is important to note that this suspension only applies to FIL recharge and withdrawal operations, and the suspension does not affect the transaction in any way. So, users can still trade their FIL assets freely.

What Happens After the Suspension?

Once Filecoin recharge and withdrawal operations reopen, Bitfinex will notify its customers, and normal operations will continue. Users will still have access to their previous balances and will be able to continue trading normally. Bitfinex recommends that users check regularly for any updates posted on the platform.

FAQs

#1. What Will Happen to Existing FIL Accounts During the Suspension?

During the planned outage, customers will not be able to manage FIL account balances, deposits, and withdrawals.

#2. Will this Suspension Affect My Other Crypto Assets on Bitfinex?

No, this suspension only affects FIL recharge and withdrawal operations.

#3. How Will I Know When Recharging and Withdrawal Resumes?

Bitfinex will formally inform all customers regarding the resumption of Filecoin recharge, and withdrawal operations through its website and social media channels.

Conclusion

The Bitfinex suspension of Filecoin recharge and withdrawal operations is just a temporary measure while the network is being upgraded. The suspension is not a cause for alarm for investors, as it does not affect the operations of the Filecoin network in any way. However, it is essential to stay updated with the information from Bitfinex regarding the resumption of normal operations.