[Bitfinex Hacked] So , learned the lesson ?

[Gyrsur]

Once again , Bitfinex has been hacked and I just want to ask you people , have you learned the lesson yet ? I assume not otherwise you wouldn't keep your funds in an exchange (I'm not speaking with those who kept their bitcoin for short period of time , those accidents happens but I'm mostly speaking for those who had their bitcoins laying there for weeks/months)

I'm not trying to be rude or anything but for the last time , please ... please ! Just withdraw your funds from exchanges . I'm not sure what you got to lose here , this procedure will only secure your coins and make you safer.

the real issues with BitGo and BitFinex is that they lied about the security they have in place but in the end nothing was secured.

for some buiness cases you must have a large amount of money sitting on an exchanger, e.g. for margin lending if you want to earn significant interests.

so please if you don't understand the business step back and shut up.

[gentlemand]

even if bitfinex returns as a "better" exchange, people will do everything to avoid it. no one serious will keep using an exchange runned by incompetent rookies. traders will move to bitstamp or kraken.

Sadly I don't think this is the case. People are too addicted to margin trading and liquidity. Greed rules all even when it's interspersed with being raped as well. I hope they dwindle to nothing but I'm not holding my breath.

[Karloff]

It seems the exchange will reopen but customers stand to lose some of their BTC.

It would be better for Bitfinex to perish in flames and pay off every user who lost BTC because of their incompetency.
Than reopen and continue their pitiful service with reputation tarnished like that is risky. Would people actually gonna return and use their services?

But again, I guess it is still better than Mt. Gox style bankruptcy...

even if bitfinex returns as a "better" exchange, people will do everything to avoid it. no one serious will keep using an exchange runned by incompetent rookies. traders will move to bitstamp or kraken.

I quite agree with your words. Even when bitfinex threw rate at 100 percent, the Kraken is only 0.28 percent. It is possible to draw conclusions.

[Herp]

Once again , Bitfinex has been hacked and I just want to ask you people , have you learned the lesson yet ? I assume not otherwise you wouldn't keep your funds in an exchange (I'm not speaking with those who kept their bitcoin for short period of time , those accidents happens but I'm mostly speaking for those who had their bitcoins laying there for weeks/months)

I'm not trying to be rude or anything but for the last time , please ... please ! Just withdraw your funds from exchanges . I'm not sure what you got to lose here , this procedure will only secure your coins and make you safer.

the real issues with BitGo and BitFinex is that they lied about the security they have in place but in the end nothing was secured.

for some buiness cases you must have a large amount of money sitting on an exchanger, e.g. for margin lending if you want to earn significant interests.

so please if you don't understand the business step back and shut up.

Shapeshift was hacked as well and based on what we were told it was an inside job. Nothing is 100% secure. Shapeshift covered for the loss in full themselves while Bitfinex seems unable to do so.

[Gyrsur]

Once again , Bitfinex has been hacked and I just want to ask you people , have you learned the lesson yet ? I assume not otherwise you wouldn't keep your funds in an exchange (I'm not speaking with those who kept their bitcoin for short period of time , those accidents happens but I'm mostly speaking for those who had their bitcoins laying there for weeks/months)

I'm not trying to be rude or anything but for the last time , please ... please ! Just withdraw your funds from exchanges . I'm not sure what you got to lose here , this procedure will only secure your coins and make you safer.

the real issues with BitGo and BitFinex is that they lied about the security they have in place but in the end nothing was secured.

for some buiness cases you must have a large amount of money sitting on an exchanger, e.g. for margin lending if you want to earn significant interests.

so please if you don't understand the business step back and shut up.

Shapeshift was hacked as well and based on what we were told it was an inside job. Nothing is 100% secure. Shapeshift covered for the loss in full themselves while Bitfinex seems unable to do so.

because 120k bitcoins is too much and a explanation of how a theft on a 2-of-3 multisig can happen is outstanding.

[bitdumper]

i am not a trader and yet i do not trade my coins in any exchange but sometimes i trafer some coins in them just for educational purpose i just try to learn trading myself but after seing theis inncident traders will take much precautions.and by the way its there wapsite which i think first got hacked after that their wallet

[Pbitcoin]

It seems the exchange will reopen but customers stand to lose some of their BTC.

What news have you heard of them opening their doors for trading?
It is business as usual so soon? That is hard to believe because their exchange rate from all trackers are showing not trading and 0 of the bitcoin price. So I highly doubt they are back to business so close from the hack happened. No business can recover and have everything under control that fast unless it was in fact a planned attack and an inside job as many here have speculated that happened.

[universe_]

even if bitfinex returns as a "better" exchange, people will do everything to avoid it. no one serious will keep using an exchange runned by incompetent rookies. traders will move to bitstamp or kraken.

Sadly I don't think this is the case. People are too addicted to margin trading and liquidity. Greed rules all even when it's interspersed with being raped as well. I hope they dwindle to nothing but I'm not holding my breath.

thats true, a lot of people are making money out of trading so it would be dumb to just move your money in and out of the website though thats just my opinion

[Patatas]

even if bitfinex returns as a "better" exchange, people will do everything to avoid it. no one serious will keep using an exchange runned by incompetent rookies. traders will move to bitstamp or kraken.

Sadly I don't think this is the case. People are too addicted to margin trading and liquidity. Greed rules all even when it's interspersed with being raped as well. I hope they dwindle to nothing but I'm not holding my breath.

What's wrong with margin trading and liquidity ? You can't buy your everyday groceries with bitcoins,can you ?I don't think its the result of greed as you put it.Even if it is,a website's architecture should be strong enough to resist such attacks since people's are putting their damn savings in there.It's fault on their site,I don't think you should even open that website ever again.

[Klima]

i am not a trader and yet i do not trade my coins in any exchange but sometimes i trafer some coins in them just for educational purpose i just try to learn trading myself but after seing theis inncident traders will take much precautions.and by the way its there wapsite which i think first got hacked after that their wallet

Earn on bitcoin mining is one thing, trade has the ability to really have. Without the skills I would not have dared.

[randy8777]

even if bitfinex returns as a "better" exchange, people will do everything to avoid it. no one serious will keep using an exchange runned by incompetent rookies. traders will move to bitstamp or kraken.

Sadly I don't think this is the case. People are too addicted to margin trading and liquidity. Greed rules all even when it's interspersed with being raped as well. I hope they dwindle to nothing but I'm not holding my breath.

you have a valid point there. greed makes even the most experienced traders do things they will later regret. such an exchange should be punished and left instead of given a second chance. not everyone thinks like this unfortunately.

[Herp]

It seems the exchange will reopen but customers stand to lose some of their BTC.

What news have you heard of them opening their doors for trading?
It is business as usual so soon? That is hard to believe because their exchange rate from all trackers are showing not trading and 0 of the bitcoin price. So I highly doubt they are back to business so close from the hack happened. No business can recover and have everything under control that fast unless it was in fact a planned attack and an inside job as many here have speculated that happened.

   
Update
05 Aug 2016 at 12:09 AM (UTC) 10 Comments
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We are still working out the details so nothing is set in stone, however we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions. The numbers being quoted are erroneous as nothing has been decided as of yet and we are still in the process of settling positions and balances. More details are to follow tomorrow along with a FAQ answering most of the questions we have been asked over the past couple days.

http://blog.bitfinex.com/uncategorized/update/

[Nimbulan]

i am not a trader and yet i do not trade my coins in any exchange but sometimes i trafer some coins in them just for educational purpose i just try to learn trading myself but after seing theis inncident traders will take much precautions.and by the way its there wapsite which i think first got hacked after that their wallet

Earn on bitcoin mining is one thing, trade has the ability to really have. Without the skills I would not have dared.

well first of all it doesnt require too much skills to be honest, besides that in my opinion traders will still do the same as they do margin trading usually

[mishra1994]

Thats really bad to hear so much popular exchanges can be hacked and users lossing their bitcoins from such a trusted exchange.First we hear about Mtgox and now bitfines.Ya a good lesson learnt that never hold our coins on any exchnge no matter how much trustable it can be.

[Harph]

I don't understand, what is a "better BitFraudFinex"?
A BitFraudFinex that doesn't steal as often or as much, or one that defrauds more?
A BitFraudFinex that says they have insurance? BitGo
A BitFraudFinex that says they have multisig accounts?
A BitFraudFinex that says they have third party regulation?
A BitFraudFinex that has plausible excuses when they steal cryptocurrency?
A BitFraudFinex that looks trustworthy again?
A BitFraudFinex that people actually go to jail for fraud?
A BitFraudFinex that people know is a fraud scheme?
What would make BitFraudFinex better?

Sorry for my ignorance but I am confused and would like to understand what a better BitFraudFinex is.

[JessicaG]

Perhaps another question should be raised:

Why weren't there any alarm bells ringing or some fail-safes in place or at least some kind of auditing, when an amount like 120k BTC's were slushed out?

Though there are no details (yet) on the how and the why, but c'mon, when amounts like that are being transferred outside of an exchange... Pfff... Any reputable company should have a system in place that alerts it's employees and/or kicks in on suspicious actions/transactions, especially after lessons learned from the past. For that, the OP is definitely right: Haven't people still learned their lesson, likewise the same applies for exchangers 

[virtualkeybuyer]

I have learned a bigger lesson, that I will not keep my bitcoin in any exchange, I were having a good amount in my exchange and I often think that I will transfer them to my wallet but because of lack of time it remained there for months, but now I am transferring them to wallet.

[OmegaStarScream]

Another update from Bitfinex , guys :

[illyiller]

Wow... they are now socializing losses to all asset holders. This is not a smart move for Bitfinex. Previously, all bitcoin wallets were segregated, so it was clear whose assets were stolen. Under bailment theory, that means Bitfinex must return assets to their rightful owners and consider assets lost as lost.

US law does not see this socialized loss scenario as valid. It's not like liquidation in bankruptcy, because this does not contemplate ranking of creditors. I smell litigation ensuing.

[socks435]

Another update from Bitfinex , guys :

Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..