Industry Report: Bitfinex Sinks the Bitcoin Market
Bitfinex gets hacked, the first feature film funded via cryptocurrency is announced, and bitcoin and cannabis seek to join hands. Want to catch up on the latest digital currency news? Take a look below. BITFINEX. The bitcoin price has undergone a massive drop following a cyber-attack on Hong Kong-based bitcoin exchange Bitfinex, which has resulted in nearly $70 million stolen from users’ accounts. Blockchain security company BitGo has released a statement to customers, explaining: “You may have read that Bitfinex announced a security breach, today. We are working with Bitfinex to determine....
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More importantly, the question becomes what this investigation means for Bitfinex as a company, and their “legal gray area” shenanigans. It was only a matter of time until Bitfinex would get into legal trouble over their recent hack. One user in Massachusetts has filed a police report to recover his missing bitcoin funds. During the hack, nearly US$70m worth of Bitcoin were stolen, and no users were compensated. Instead, they all saw their balances punished even further to make up for the balance sheet losses. The way Bitfinex handled the whole hacking event was not exactly professional,....
News surrounding Bitfinex gets hairier, some warring views surface on bitcoin and its functions, and Colombia’s first digital exchange closes its doors. Want to catch up on the latest digital currency news? Take a look at the stories below. BITFINEX. Following a $72 million dollar hack that occurred just a few days ago, news surrounding Hong Kong-based bitcoin exchange Bitfinex is getting mysterious. The company’s elusive CEO Raphael Nicolle has allegedly been part of several Ponzi schemes — some of which he funded, and one he may have tried to start on his own. Since 2012, Nicolle has....
The FBI is investigating a report filed by an unnamed Bitfinex user alleging that funds were stolen from their account, CoinDesk has learned. According to an incident report filed on 14th September, a Cambridge, Massachusetts, resident stated that they lost $1.3m in bitcoin tied to the hack and subsequent $70m theft from Bitfinex. The Cambridge Police told CoinDesk that the matter had been referred to the FBI after an initial investigation. Bitfinex representatives have previously said that they are working with the FBI as part of its investigation into the hack. The incident report – and....
Another Silk Road auction is taking place, Bitfinex is covering its losses, and a new class on Bitcoin is set to begin. Want to catch up on your latest digital currency news? Take a look at the stories below. BITFINEX UPDATE. Following a massive cyber-hack that took place last week, Hong Kong-based exchange Bitfinex has announced it will cover its losses at the expense of its users, leaving many people unhappy. Executives have explained that users will share up to 36 percent of the company’s losses after nearly $72 million dollars were stolen in one of the largest bitcoin thefts in....
BitFinex has just been hacked. They lost their hot wallet to a malicious actor. However, due to security practices only a relatively minimal amount has been lost. BitFinex keeps over 99.5% of its customers deposits in secure multisig wallets, so only 0.5% at most was lost. BitFinex is a digital currency trading platform and states itself as currently in a beta phase (testing phase), though they have been in the market for a while now. They have a notable amount of trade and are considered by many to be one of the market leaders. Customers are being asked to cease depositing cryptocurrency....