Bitcoin value crashes through the roof as security breach confirms theft of $60 million

| Wednesday, August 3, 2016 - 13:50
First Published |
Bitcoin, Hong Kong, Bitcoin price, Bitcoin value, Bitfinex, Mt Gox, Bitcoin news,

Bitfinex closed down its sit after the hacking and issued a statement on the site

New Delhi: After Hong Kong-based Bitcoin exchange Bitfinex abruptly halted all trading of the virtual money, it was apparent that something grossly inaccurate had occurred. And when the value of Bitcoin fell 30% in 2 days, Bitfinex confirmed the theft of 119,756 bitcoins, the largest ever online theft since Mt. Gox, estimated to be around $450 million.

Bitfinex closed down its sit after the hacking and issued a statement on the site where it confirmed that security breach had taken place:

"Today we discovered a security breach that requires us to halt all trading on Bitfinex, as well as halt all digital token deposits to and withdrawals from Bitfinex.

We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen. We are undertaking a review to determine which users have been affected by the breach. While we conduct this initial investigation and secure our environment, will be taken down and the maintenance page will be left up.

The theft is being reported to — and we are co-operating with — law enforcement.

As we account for individualized customer losses, we may need to settle open margin positions, associated financing, and/or collateral affected by the breach. Any settlements will be at the current market prices as of 18:00 UTC. We are taking this necessary accounting step to normalize account balances with the objective of resuming operations. We will look at various options to address customer losses later in the investigation. While we are halting all operations at this time, we can confirm that the breach was limited to bitcoin wallets; the other digital tokens traded on Bitfinex are unaffected.

We will post updates as and when appropriate on our status page, We are deeply concerned about this issue and we are committing every resource to try to resolve it. We ask for the community’s patience as we unravel the causes and consequences of this breach."

Download English News App and stay updated with all Latest News.
For News in English, follow us on Google+, Twitter and on Facebook.

Add new comment

This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.