[image credit : BitBay]
Users of Estonia-based exchange BitBay became suspicious of a security breach following the platform going offline for more than 18 hours.
BitBay published a tweet explaining it was dealing with a network problem related to its external service provider. Clients were asked to remain patient during the outage as the exchange worked to resolve the issue.
Users were quick to respond to the outage, with some speculating the exchange had suffered a security breach or was in danger of folding.
BitBay published an update four hours later, telling users the problem was “more complicated than we initially thought.” The exchange also floated the idea of launching the platform without access to transactions, giving users the opportunity to cancel previous offers.
BitBay responded to the growing concern of customers by broadcasting a live stream via Facebook. The exchange wrote in the comments “all fiat and crypto funds are safe.”
At 2:56 AM UTC on Mar. 27 the exchange finally reported being back online, with trades resuming later in the morning.