The Bitfinex Hack is Still Scaring Away Bitcoin Traders
Bitfinex's hack continues to cast a shadow. While the price of bitcoin had a relatively quiet month in September (one characterized by low volatility and lackluster trading), the Bitfinex hack continued to serve as a drag on the world's largest digital currency market. Arthur Hayes, CEO and co-founder of bitcoin trading platform BitMEX, noted that the sideways price movements that took place during the month were most likely a direct consequence of the Bitfinex hack. He argued that with 120,000 BTC removed from the market, the event continues to "suffocate bitcoin interest and....
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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....
The U.S. Department of Justice (DOJ) has announced the seizure of 94,636 bitcoins directly linked to the 2016 hack of the cryptocurrency exchange Bitfinex. This is the DOJ’s “largest cryptocurrency seizure to date.” In addition, two people have been arrested in connection with the hack and stolen cryptocurrency. Bitfinex Hack’s Stolen Bitcoins Seized, 2 People Arrested The Department of Justice (DOJ) announced Tuesday that the U.S. government has seized stolen cryptocurrency directly linked to the 2016 hack of the cryptocurrency exchange Bitfinex. According to....
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,....