Bitcoin Slowly Recovers Following Bitfinex Hack and Price Dump
The cryptocurrency news cycle was dominated last week by the announcement that Bitfinex was the victim of a theft to the tune of 119,756 BTC. The market continues to struggle with the implications of this event. Drama returned to Bitcoinland last week as Bitfinex was taken for ~120K coins and subsequently the price dropped over $100 on all exchanges. The outcomes of Bitfinex hack. While it initially looked as if they would be able to resume operations within a few days, it now appears as though they might be down for quite some time. Despite the near term hit to price and the logistical....
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Law enforcement has seized over $3.6 billion in bitcoin of the total $4.5 billion drained in the 2016 Bitfinex hack.
On August 2, 2016, it has been reported that the major cryptocurrency exchange, Bitfinex, was hacked with some customers losing Bitcoin as a result. Additionally, BitGo has commented on the event. The Breach of Bitfinex. Bitfinex itself confirmed the hack in a press release earlier today, saying they have halted all trading on the platform. Additionally, all deposits to and withdrawals from Bitfinex have been temporarily stopped. The exchange does not have much information about the hack, but the press release confirmed that customers of the exchange have lost Bitcoin following the breach.....
On Wednesday, after bitcoin prices touched a new all-time high, thousands of bitcoins from the August 2, 2016, Bitfinex hack were transferred to unknown wallets. The exact count of BTC moved from the hack is not entirely clear, but one blockchain parser shows that over 12,208 BTC from the 2016 Bitfinex breach worth $754 million today was moved to various addresses. On August 2, 2016, the exchange Bitfinex was hacked for approximately 119,756 BTC, which is worth $7.5 billion using today’s exchange rates. That day, the price per bitcoin (BTC) slid 22% but the exchange managed to pay....
BitGo has declared that its systems were not breached, and its software functioned correctly during the Bitfinex hack. Co-founder and CEO at BitGo, Mike Belshe, wrote on the company’s blog saying: Our job is to protect your Bitcoin and continue to improve the security of the service. BitGo systems were not breached in this attack and our software functioned correctly. This may seem like an inadequate explanation, because everyone wants to know “what needs to change to avoid what happened in this case,” and we understand that. Fortunately, the Bitfinex configuration was unique and other....
Several reasons have been alluded to regarding the sharp rise in the price of Bitcoin from Saturday September 3 when it jumped from about $574 to $610 by the following day, including a push from speculators expecting the devaluation of the Chinese yuan. NIRP Umbrella tweeted that Bitcoin’s price was nearly 10% against the yuan, citing the decentralized utility of the currency being “in full force vs. arbitrary devaluations.” Factors that might have influenced the price. Now sitting at the $600 price range, this is the highest the currency has reached since the August 2 hack of the Chinese....