Republic of estonia-based cryptocurrency BitBay went offline for more eighteen hours citing issues acquired past a third-party service provider.

On March 26, BitBay tweeted that information technology was struggling with a "network trouble" resulting from their "external service provider." The exchange stated that it had contacted the provider and was working on resolving the trouble.

Founded in Poland in 2022, BitBay claims to exist the third-largest cryptocurrency exchange in Europe with more than than 800,000 users.

At 2.56AM (UTC) today, BitBay announced it was back online and would resume trading at 9AM.

BitBay suffers outage for a twenty-four hours

Four hours after going offline, the exchange announced that the effect was more complicated than initially thought but that one time the issue was fixed it will relaunch with limited functionality to allow traders to cancel or place orders before the exchange's matching engine resumes.

The exchange later broadcast a live stream on Facebook. In the comments section, BitBay sought to at-home their increasingly concerned customers, assuring that "all fiat and crypto funds are safe" and requesting "a little more trust' while the exchange worked to rectify the outage.

Customers' anxieties grow

But with no end to the outage in sight, BitBay's users began to voice suspicions the 'network problem' was a cover story for a much bigger issue. Seven hours after the previous post, the substitution tweeted that it would soon be informing customers as to "the electric current condition and plans to recover the platform" and emphasized that users' funds were safety and that the break had non been caused by an attack from a hacker.

In a tweet around 1AM BitBay said it had run into more issues and that "despite the difficult piece of work of our squad and the constant contact with the server service provider, we were unable to start the infrastructure in 100%." The commutation added that information technology was working toward relaunching the platform as presently as possible, and provided a link to a status folio concerning the disruption.

BitBay posts recent volume records

The outage comes only two weeks after the exchange posted a new tape for daily trade volume in most six years of performance. On March 13, the sometime Poland-based commutation hosted roughly $75 million in daily trade betwixt BTC and PLN. Polish traffic comprises one-third of the commutation's traffic.

Despite the outage, BitBay appears to have facilitated about $40 million in trade over the past 24 hours.