Topic: [2017-07-23] Bittrex locking all withdrawals and deposits. (Read 12449 times)

Bittrex decided to open back its Bitcoin operation days after it locked down that side of the exchange...they have realized they can be losing some business because its still too early. But they can proceed to lock-in again maybe hours before August 1 as a precautionary measure to protect its members.

By the way, Bittrex is one of the few exchange and wallet service providers that will be supporting Bitcoin Cash so its members can have both the real or legacy Bitcoin and the newcomer kid on the block Bitcoin Cash.

I also received the same message, hoping everything would be okay until August 1

Bittrex should have given a proper warning for this,at least a couple of days beforehand(if not much more than that)
but given the speed with which the BIP 91 gathered the neccessary %
it is neccessary to lock all of the transactions till it is resolved,they are protecting your coins,nothing else
I guess all of the exchanges will react soon and do the same
unlike UASF,this is unlikely to cause major disruption,since there are >90% signaling for this soft fork

In case you have Bitcoins stuck in your Bittrex account, there is not much that you can do aside from waiting till they allow withdrawals again, or you can choose to keep trading.

Other option as mentioned by someone here in this thread, is that you convert your Bitcoins into an altcoin that holds its value relatively well, and withdraw these funds to another exchange and convert them back to Bitcoin.

I was thinking of moving Bittrex for my trading activity because I was so frustrated with Poloniex then this news? And for those people affected, I don't understand why it is so sudden without any proper notification? I do understand their concern but I least give you customers ample time to moved their funds if they want to and not trapping them instead. I guess they already thought that their customers will go away that's why its so drastic and immediate decision from them. I hope this is just temporary only though.

By doing so in advance , they would lose a lot of money and customes. So maybe its not cool but understandable.

I have a BitTrex account, I am very surprised right now, and I have a lot of money in my account, I think this is temporary. I have a lot of finesse.

This might seem to be early, but I am sure this comes from the fact that miners have been given the opportunity to start signalling for BIP91 sooner than most of us (including Bittrex) have expected. If people are in rush because they need the money badly for whatever reason, they could always choose to buy a 'stable' altcoin and to cash that one out. You'll lose a tiny percentage in fees and potential volatility, but at least it offers a way out in case of emergency.

You definitely have a point, but the thing is that people (Bittrex users) are also the one to be blamed here. It should be expected that an exchange might do something people don't see coming, as even exchanges struggle with uncertainties, and thus people should have kept their coins offline under their own control.

You can trade normally, you just can not make withdrawals and deposits.

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They're doing it to protect customers' bitcoins

Only been in this a few months, so I have a question. If bittrex has stopped deposits and withdraws, can i still trade on bittrex without losing coins? Not sending any there from another wallet or sending to a different web wallet or harddrive wallet, just moving it around in bittrex itself.

Thanks

The forum also warns you of sending transactions right now.  We're still in danger of unintended chain splits or other issues.
I consider this very unprofessional of Bittrex.  If they were intending to stop all deposits and withdrawals of BTC (obviously by far the most traded coin on Bittrex), they should have notified users at least 2 weeks in advance.

Fortunately I don't store any coins on exchanges anyway.  I send, trade, withdraw.  Never on the exchange for more than an hour.

I have an account with Bittrex and I have previously used that account for crypto-trading. Fortunately, I don't have any coins right now in that exchange. Still doesn't understand why they are locking the withdrawals and deposits so early.

I am using Bittrex for most of my trading activities and when I logged in just now...the advisory is centered on Bitcoin wallet: Bitcoin wallet disabled until after BIP-91 is settled. My Bitcoin is now locked in by Bittrex.

So we have to wait for the conclusion of the BIP-91 scaling solution before they would be opening their doors for any Bitcoin related transactions. But as for any other coin, I think we can still do the same type of transactions so nothing to worry on that part. Bittrex is doing this to protect the members' interest and their funds so we have no choice but just to wait.

If you trade on Bittrex, they are locking withdrawals and deposits, in fact, they may already be locked, we haven't tried yet. ~ One fork after another this month. Get ready its that time of the month for bitcoin!

Bittrex says
However, Bittrex will close deposits and withdrawals of Bitcoin (including 2nd layer protocol XCP/OMNI and associated assets) 4 hours prior to the BIP 91 activation block 477,120 anticipated to be at July 23, 12am PST (7am UTC). The wallet will remain closed until the majority hash power chain is clearly established.
Trading will remain active during this time. In the event of a chain split, Bittrex will take all reasonable steps to ensure that customer funds can be preserved on both chains.


Here is Bittrex Support Article: https://support.bittrex.com/hc/en-us/articles/115000761392

What They Have To Say
Bitcoin Improvement Proposal 91 (BIP 91, also known as Miner Activated Soft Fork) recently locked in over 90 percent of all mining hash power, signaling majority support for this proposal. BIP 91's lock in effectively makes BIP 148 (User Activated Soft Fork scheduled for August 1) obsolete and nullifies the chances of the Bitcoin network forking through UASF.

At this time, with BIP 91 locked in, we are confident that the Bitcoin network will successfully activate and enforce BIP 91 blocks. Bittrex will be monitoring this situation closely. We do not anticipate any issues with BIP 91 activation. However, Bittrex will close deposits and withdrawals of Bitcoin (including 2nd layer protocol XCP/OMNI and associated assets) 4 hours prior to the BIP 91 activation block 477,120 anticipated to be at July 23, 12am PST (7am UTC). The wallet will remain closed until the majority hash power chain is clearly established. Trading will remain active during this time. In the event of a chain split, Bittrex will take all reasonable steps to ensure that customer funds can be preserved on both chains.

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