Hotfix for the vulnerability is on its way, says the Bitcoin exchange.
On Tuesday, Bisq announced that it has temporarily disabled trading because the platform has a critical security vulnerability.
Bisq is a well-known peer-to-peer, decentralized (non-custodial) Bitcoin exchange that lets users buy and sell cryptocurrency in exchange for national currencies.
Taking to Reddit, the company revealed that a hotfix will be released within a few hours and until then users should not send any funds to and from Bisq.
“Until v1.3.0 is released, existing trades cannot be completed. Please hold tight. Of course, because of Bisq’s security model, your funds are not at risk,” said the post on Reddit.
The Bitcoin exchange further stated that users must disable the recently added alert key function to block trading for their own security. However, users who still want to use Bisq for trading can do so but the company doesn’t recommend it.
It is also clarified that the security model employed by Bisq is quite reliable, which is why users’ funds are not at risk.
It is worth noting that peer-to-peer crypto exchanges like Bisq are immensely popular among users because unlike centralized platforms these do not check the user’s identity, and users are able to maintain full privacy while making transactions.
If you use Bisq to buy or sell cryptocurrencies, follow the safety guidelines provided by the company and keep your funds secure. Stay tuned, this article will be updated once Bisq issues security patches or you can keep eye on the company’s forum.