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ExtraTorrent.cc > Articles > Bitcoin Value Plunged after Great Theft of Coins from Exchange

Bitcoin Value Plunged after Great Theft of Coins from Exchange

Bitcoin Value Plunged after Great Theft of Coins from Exchange

Added: Friday, August 5th, 2016
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ISP, Download, BitTorrent, MPAA, RIAA, copyright-infringement, file-sharing, Torrenting
Nearly 120,000 Bitcoins worth approximately $78m have been stolen from Hong Kong-based exchange Bitfinex, resulting in immediate 20% drop in the value of the currency. According to the popular cryptocurrency exchange, the hack is estimated as the largest of its kind and limited to Bitcoin wallets held by Bitfinex. The incident forced the exchange to cease its operation and report to law enforcement.

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Bitfinex has published a statement on its website, telling its customers that the company is investigating the breach in attempt to figure out what happened, but it is already clear that some of its customers have had their Bitcoins stolen. Bitfinex is currently undertaking a review to find out which customers have been affected by the hack.

According to the director of community and product development for the cryptocurrency exchange, more than 119,000 Bitcoins were stolen from Bitfinex users’ segregated wallets. Following this news, the value of Bitcoin fell nearly 20%, according to data from CoinDesk, as the stolen cryptocurrency makes up about 0.75% of all Bitcoins in circulation.

Bitcoin experts confirm that Bitfinex is the biggest USD exchange, so everyone has an account with it (except for China). The cryptocurrency exchange was assessed as very liquid, providing the ability to trade on margin and having lots of daily volume.

So far, security experts cannot tell whether the breach was an inside job or hackers managed to gain access to the system externally. Financial experts are also not sure whether the theft can force Bitfinex into bankruptcy. You may remember that a similar loss of cryptocurrency from the biggest exchange at the time, MtGox, forced it into bankruptcy protection 2 years ago and led to the arrest of its CEO Mark Karpeles in Japan.

Posted by: 
SaM

Date:  Friday, August 5th, 2016



Comments (9) (please add your comment »)

1
posted by (2016-08-05 21:38:42)
No avatarHow exactly can one "steal" digital currency? I don't understand...

2
posted by Trusted UploaderSite FriendET loverSupermanKitty (2016-08-05 23:03:20)
SirSeedsAlot avatarDoes that mean it's a good time to buy?

3
posted by (2016-08-06 01:48:18)
No avatarsimple you move the funds from one wallet to another one

yes now is a good time to buy

4
posted by (2016-08-06 04:06:35)
satanpol avataryou steal it by accessing the wallet and it was probably done through a number of fake apps in the app stores and bad security on both client and server end. Bitfinex was doing shady shit already and was fined. one of the biggest problems with crypto is assignment of liability when theft occurs because the wallet holder is going to hold the system(apps, exchange, devs) at fault hoping for remuneration while each part of the system is going to hold the user and every other part of the system at fault to avoid any liability. US treats it as a derivative/commodity/future and holds exchanges to the same rules as any other but I imagine they and every other government is finding it tough to regulate and ensure parties not at fault receive due compensation because the very nature of crypto was to not only avoid regulation but to be built to never require it either. regardless of how you interact with crypto as a system, you are still required to assign trust to people you mostly will never meet and hope they won't screw you over...like any bank.

5
posted by (2016-08-06 05:49:29)
shebra avatarWell said, satanpol......and every country treats Bitcoin differently; the legality of it is too fluid. It's still an "intangible"
for most and remains murky as a commodity/ currency.

6
posted by (2016-08-06 19:03:13)
No avatarDo you think it is a good investment buy now for people interested in it?

7
posted by (2016-08-08 12:57:04)
softfunda avatarThis is good time for investment.

8
posted by Turtle (2016-08-08 16:34:52)
ReservoirDogs avataryep ! i agree, good time now to buy bitcoins

9
posted by (2016-08-08 23:28:10)
sloma111 avatar@Killgeorgie - bitcoin was stolen during *exchange* - makes big difference (form what i understand).



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