Bitcoin Could Be Supervised by Hong Kong Authority Following Bitfinex Hack, Says Expert
Following the recent hack at Hong Kong-based digital currency exchange Bitfinex, the Hong Kong Monetary Authority (HKMA) is considering whether or not to supervise the cryptocurrency, according to an expert. CCN recently reported that around 120,000 bitcoins valued at approximately $65 million were stolen after a breach of security saw the bitcoin exchange shutting down its website. Now, though, it looks like the HKMA could shift its attention to bitcoin and how it’s regulated. Speaking to Out-Law.com, Hong Kong-based technology law expert Paul Haswell of Pinsent Masons, said that the HKMA....
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Bitfinex customers who got socked for a 36 percent loss on account of the recent hack could have legal recourse against the Hong Kong exchange, according to lawyers from Kobre & Kim, a global law firm, CNBC reported. The Hong Kong exchange, due to the attack’s indiscriminate nature, opted to charge all customers 36 percent, CCN reported. Bitfinex also allocated customers a new token on the “Omni protocol” transferable and remaining outstanding until exchanged for shares in Bitfinex’s parent company or repaid by Bitfinex. Kobre & Kim lawyers Randall Arthur and Jef Klazen noted that....