Hacked Bitcoin Exchange Bitfinex Swaps Over 20 Million Tokens For Equity
Bitfinex has announced that many of its largest BFX token holders have agreed to exchange over 20 million BFX tokens for equity in the company, marking a step in its recovery following the August theft of approximately 119,756 bitcoins valued at more than $70 million. The equity consists of shares of Bitfinex’s owner, iFinex Inc. “This is a significant step towards the recovery and stabilization of our company,” said Philip Potter, the company’s chief strategy officer. “ He added: We are very pleased with this highly favorable trend of conversions. Since the theft more than two months ago,....
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Cryptocurrency exchange Kucoin may have been hacked for $150 million in bitcoin and multiple ERC20 tokens. The Singapore-based exchange confirmed the September 25 security breach, but did not disclose the amount stolen. “Bitcoin, ERC-20 and, other tokens in Kucoin’s hot wallets were transferred out of the exchange,” said Kucoin in an update on Saturday. Meanwhile, Bitfinex and Tether, issuers of the centralized stablecoin USDT, immediately froze a combined $33 million worth of USDT suspected to be part of the funds looted in the Kucoin hack – an action that has....
Bitfinex has announced that it has formally signed a letter of intent with the online investment platform BnkToTheFuture to provide solutions towards compensating customers with equity in Bitfinex. The BnkToTheFuture platform for financial innovation and technology investment opportunities will be providing a Special Purpose Vehicle (SPV) through which qualifying BFX token holders can contribute their tokens in exchange for an equity interest in compliance with their individual jurisdictions. Exchanging BFX tokens for equity in iFinex Inc. Following a hack on its system on August 2 and....
South Korean bitcoin exchange Yapizon was hacked earlier this week, losing more than US$5 million worth of user funds and bitcoin. According to the exchange’s official statement translated by CCN, four hot wallets of the exchange were hacked by an unknown group of hackers. The Yapizon legal team noted that approximately 37 percent of user funds were hacked and exactly 3,816 bitcoins were stolen from the exchange. Users of Yapizon outraged over the exchange’s decision to spread losses from the theft equally amongst all bitcoin accounts. Considering that the exchange lost 37 percent of its....
Bitfinex customers may soon have a way to convert the digital assets they were issued following the exchange's decision to socialize losses into equity in the company. Weeks after a debilitating hack, Bitfinex has signed a letter of intent with UK investment platform BnkToTheFuture that finds the two firms collaborating to enable the redemption of BFX tokens for equity in iFinex Inc, its British Virgin Islands-based parent company. Introduced when the exchange came back online on 11th August, BFX tokens are meant to make up for the 36% customer losses imposed after the incident. Issued to....
Bitfinex has signed a letter of intent with BnkToTheFuture to allow qualified BFX token holders to exchange their BFX tokens for equity. Bitfinex, the troubled cryptocurrency exchange which recently faced a hacking incident has signed a letter of intent with BnkToTheFuture. This letter of intent marks the beginning of a cooperation between the cryptocurrency exchange and the well-known digital currency based investment platform. Following the latest development, both Bitfinex and BnkToTheFuture will work together to facilitate the conversion its customers’ losses into equity in the....