Bitfinex Slowly Getting Back Online after Users Suffer 36% Loss
Bitfinex has announced that it is slowly getting back online after announcing to its users that they will lose 36 percent of their assets. Last week the Hong Kong-based bitcoin exchange suffered a security breach which saw $65 million worth of bitcoins stolen and the price of bitcoin plummeting 20 percent. It has since climbed back up nearing the $600 mark. In the announcement, Bitfinex said that they are beginning the process of bringing the platform online in a controlled and secure way. It said: Currently the site is available on a read-only basis as we continue to work towards enabling....
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Following the hack at Bitfinex, many people stand to lose money as the company spreads losses among users. A 36% haircut was announced, but some users claimed even bigger losses. American tax accountant Daniel Winters explains how the IRS could allow U.S. taxpayers to deduct their losses from the Bitfinex hack. Tax Deduction for Bitfinex Hack Victims.....
Bitfinex may have legal troubles coming their way after socializing losses. It seems like Bitfinex has more to worry about than just the loss of 119,756 bitcoins to hackers. The platform recently announced that it will be generalizing the losses across all users. According to the exchange’s calculations, the generalized loss percentage is set at 36.067 percent. Meaning, all Bitfinex users will be contributing more than a quarter of their digital currency holding so that the ones who lost can be reasonably compensated at the moment. In return, the platform will be offering BFX tokens to....
Following the theft of ~$70Mn worth of bitcoins on 2nd August, Bitfinex has calculated how much each customer would stand to lose: 36%. Arriving at Assets of Each Customer. Bitfinex has cancelled all withdrawals, open orders and open funding offers. All financed positions were settled based on a published settlement price. Post this, the asset position of each customer has been finalized. Accounting complete. Bitfinex has finalized accounting for the losses incurred. After consultation, it has arrived at the conclusion that losses must be generalized across all accounts and assets. Each....
Bitfinex has confirmed that it is going to generalize the losses incurred from the hacking incident across its user base. Bitfinex, the recently compromised cryptocurrency exchange has confirmed that it will be generalizing the Bitcoin losses across all its customers. A generalized loss percentage of 36.067% will be borne by all Bitfinex users, states the company’s latest status update. The possibility of Bitfinex socializing its losses came up yesterday after the company mentioned it on its blog. While it was just a consideration at that time, today’s update on the platform’s status page....
After losing nearly US$70 million worth of Bitcoin in a sophisticated cyber attack, Hong Kong-based exchange Bitfinex is considering spreading the loss amongst Bitcoin holders in the exchange. In a blog post on August 5, Bitfinex told its users and customers about the possibility of “socialized loss scenario,” in which active loans to BTC/USD positions and Bitcoin balances may be used to settle the theft. However, Bitfinex reassured its users that the numbers presented or quoted on social media and by the media are “erroneous,” hinting that the actual loss—after the final settlement of....