Bitfinex - lost 65m (£49m) in HACK

[Nahl]

Guys I've found some slack group and they are preparing petition for bitfinex, you can find them here - bitpetition.herokuapp.com

We, the undersigned customers as the main creditors of the cryptocurrency trading platform bitfinex.com, demand to immediately provide all the information about the state of affairs on the exchange.
Also, we strongly expect bitfinex.com to present the confirmation of the damage, and the conditions and timetable for the return of customer funds. We require that this process and all the actions of the platform were open and transparent.
We are willing to contribute in any possible way to recover the funds and hope for the best resolution for all parties. However, in case of failure to meet these demands, we will file a class action lawsuit against bitfinex.com.

Sounds reasonable to me

HAHAHAHAHAHA!!!!!!  omg you made me piss myself. I have here their response.

Attention: Users of Bitfinex you have no rights, you have no standing, your money is gone, deal with it. You gave your money to an unregulated service provider in exchange for a worthless IOU. No lawyer however well paid can do a dam thing for you.

Go F$#@ yourselfs  sincerely the Owners and operators of Bitfinex

the owners has remove their responsibility from this situations and this is several times happened on exchange when their losing the funds because of hack and for the users this is could be terrible things and if other exchange follow these step when they got hacked i'm pretty sure nobody will trust  and save their funds to an exchange in the future

[Come-from-Beyond]

what hack? Bitfinex has stolen 12k BTC from it's users, simple as that.

Wasn't it 120k?

[lite]

what hack? Bitfinex has stolen 12k BTC from it's users, simple as that.

Wasn't it 120k?

Yeah it's 120k btc not 12k btc, i think if 12k btc were stolen it could've been recovered. it would've given all users a warning to never trade on bitfinex.

[xdrpx]

Too bad so many bitcoins were lost in this hack. I believe I've read somewhere that CFTC regulations prevented them from using cold storage for storing bitcoins. This was really bad, and I hope that people who've lost their funds receive them back.

[yayayo]

Too bad so many bitcoins were lost in this hack. I believe I've read somewhere that CFTC regulations prevented them from using cold storage for storing bitcoins. This was really bad, and I hope that people who've lost their funds receive them back.

Unfortunately it's highly unlikely that the Bitfinex users will receive back any significant amount - unless someone finds 100k+ BTC under his sofa... The most realistic scenario for Bitfinex is bankruptcy. I doubt that it will be possible to find a buyer that will reimburse the losses. The amount is too high and the Bitfinex trading system has been now been proven to have security flaws. Nobody is going to pay $60m for that.

Even if the CFTC regulations prohibited cold storage that's no excuse for the security practice at Bitfinex. They could have used a proper multisig setup - apparently they did use multisig indeed, but they did not effectively oversee the safekeeping of the keys.

Now most likely another wave of media FUD will start, portraying Bitcoin as unsafe and a hacker's paradise. However I doubt the consequences will be as bad as after the Mt.Gox disaster, since the number of informed people is a bit higher now and the losses are less extreme. Hopefully all other exchanges will improve their security measures as a result.

ya.ya.yo!

[RoommateAgreement]

why do people keep saying 65 million.
bitfinex was hacked (or stole) 119,000 bitcoin which was nearly 75 million by the time of the hack. even with $600 it is 71.4 million.

Unfortunately it's highly unlikely that the Bitfinex users will receive back any significant amount - unless someone finds 100k+ BTC under his sofa... The most realistic scenario for Bitfinex is bankruptcy. I doubt that it will be possible to find a buyer that will reimburse the losses. The amount is too high and the Bitfinex trading system has been now been proven to have security flaws. Nobody is going to pay $60m for that.

Even if the CFTC regulations prohibited cold storage that's no excuse for the security practice at Bitfinex. They could have used a proper multisig setup - apparently they did use multisig indeed, but they did not effectively oversee the safekeeping of the keys.

nobody is going to do anything for bitfinex sine they were just another unlicensed exchage site opperating without any legal license!

Now most likely another wave of media FUD will start, portraying Bitcoin as unsafe and a hacker's paradise. However I doubt the consequences will be as bad as after the Mt.Gox disaster, since the number of informed people is a bit higher now and the losses are less extreme. Hopefully all other exchanges will improve their security measures as a result.

the media is going to have a field day with their click-bait articles but i don't think they have any effect any longer.
and i also doubt that other exchanges will change anything. because it is not the first time a hack like this happened!!

[Amph]

If it's stolen it most likely will be sold as quickly as the thieves can pawn it off on someone, not "removed from trading" but the exact opposite. And if it is not, the threat of it being dumped on the market at any time has a depressant effect on the market.

So you claim that AML laws are easy to bypass? That blockchain grants anonymity? Any other cases when someone sold that much of stolen BTC and walked away?

someone with many account on many exchange can easily dump a shit load of coin, no matter what law there are there, not to mention that it is easy to sell off-exchange as well

also he does not need to dump 120k to cause a panic dump, just 10k the remaining panic will be caused by the news itself

[vero]

This is true? how it could happen if they do not find there an act suspicious before it happens because I hear that there is demand for the withdrawal of $ 75,000 before it happens.

[Hazir]

Yet another serious argument to introduce global regulation and standardized laws & procedures for every bitcoin exchange.
Services like these should be regulated and at least security-wise with some general security precautions.
Comment of Bitfinex's staff when they claimed they don't use cold wallets is great example here.

[Marvell1]

Yet another serious argument to introduce global regulation and standardized laws & procedures for every bitcoin exchange.
Services like these should be regulated and at least security-wise with some general security precautions.
Comment of Bitfinex's staff when they claimed they don't use cold wallets is great example here.

wow no cold wallets that cant be in this day an age has to be a joke

[socks435]

This rediculious news that i seen right now its a large amount got by hackers but the price still staying at 500 value why they are not sell those all?
Or they are still holding some of them and sell it when the price of bitcoin will be increase..

[Come-from-Beyond]

This rediculious news that i seen right now its a large amount got by hackers but the price still staying at 500 value why they are not sell those all?
Or they are still holding some of them and sell it when the price of bitcoin will be increase..

The hacker is not dumb to sell this or even next year. What for? To leave more trails?

[Lionidas]

This rediculious news that i seen right now its a large amount got by hackers but the price still staying at 500 value why they are not sell those all?
Or they are still holding some of them and sell it when the price of bitcoin will be increase..

Price is rebounding so damage done maybe not as bad as everybody think it was.
Give it time for all the news to come out before making any harsh judgments on the current price situation.

[bitcapitalist]

Too bad so many bitcoins were lost in this hack. I believe I've read somewhere that CFTC regulations prevented them from using cold storage for storing bitcoins. This was really bad, and I hope that people who've lost their funds receive them back.

Unfortunately it's highly unlikely that the Bitfinex users will receive back any significant amount - unless someone finds 100k+ BTC under his sofa... The most realistic scenario for Bitfinex is bankruptcy. I doubt that it will be possible to find a buyer that will reimburse the losses. The amount is too high and the Bitfinex trading system has been now been proven to have security flaws. Nobody is going to pay $60m for that.

Even if the CFTC regulations prohibited cold storage that's no excuse for the security practice at Bitfinex. They could have used a proper multisig setup - apparently they did use multisig indeed, but they did not effectively oversee the safekeeping of the keys.

Now most likely another wave of media FUD will start, portraying Bitcoin as unsafe and a hacker's paradise. However I doubt the consequences will be as bad as after the Mt.Gox disaster, since the number of informed people is a bit higher now and the losses are less extreme. Hopefully all other exchanges will improve their security measures as a result.

ya.ya.yo!

What if it was an inside job?

[bitcapitalist]

why do people keep saying 65 million.
bitfinex was hacked (or stole) 119,000 bitcoin which was nearly 75 million by the time of the hack. even with $600 it is 71.4 million.

Unfortunately it's highly unlikely that the Bitfinex users will receive back any significant amount - unless someone finds 100k+ BTC under his sofa... The most realistic scenario for Bitfinex is bankruptcy. I doubt that it will be possible to find a buyer that will reimburse the losses. The amount is too high and the Bitfinex trading system has been now been proven to have security flaws. Nobody is going to pay $60m for that.

Even if the CFTC regulations prohibited cold storage that's no excuse for the security practice at Bitfinex. They could have used a proper multisig setup - apparently they did use multisig indeed, but they did not effectively oversee the safekeeping of the keys.

nobody is going to do anything for bitfinex sine they were just another unlicensed exchage site opperating without any legal license!

Now most likely another wave of media FUD will start, portraying Bitcoin as unsafe and a hacker's paradise. However I doubt the consequences will be as bad as after the Mt.Gox disaster, since the number of informed people is a bit higher now and the losses are less extreme. Hopefully all other exchanges will improve their security measures as a result.

the media is going to have a field day with their click-bait articles but i don't think they have any effect any longer.
and i also doubt that other exchanges will change anything. because it is not the first time a hack like this happened!!

They are based in Hong Kong so they could get in some trouble if this an inside job from them.

[n691309]

Really it's unfair too see how much the bitcoin price has dropped, I firstly though that only a small number of users were affected but seems that the entire exchange has been hacked? There is an updated from the bitfinex team that they are trying to trace the stolen bitcoins, but would they be able to cover the loss?

[ImHash]

I don't believe any hacker could easily take all the money and run away simple like that, it should have been some sort of inside job.

[naidray]

The funny thing is that some newbie is trying to give out 1000BTC and is supposedly the Bitfinex hacker.

You can see more of it at https://bitcointalk.org/index.php?topic=1574127.0, but he actually holds all of those funds.

The only question is if he is actually the hacker or not. The sad part is that even reputable users are posting on there trying to get the reward, but hopefully it ends up in good hands.

[chachaa]

The funny thing is that some newbie is trying to give out 1000BTC and is supposedly the Bitfinex hacker.

You can see more of it at https://bitcointalk.org/index.php?topic=1574127.0, but he actually holds all of those funds.

The only question is if he is actually the hacker or not. The sad part is that even reputable users are posting on there trying to get the reward, but hopefully it ends up in good hands.

I wonder if I can have it at least something in such a way to obtain. Really there are gullible people who catch his words.

[forumaster]

I opened bitcoinity to see the bitcoin graph of today and saw this:
https://i.imgur.com/oW72Bku.png
and now by reading this thread I understand why ...
Unfortunately, every time that there is a breach in a bitcoin website the price of bitcoin went down, probably were bitfinex hackers/owners who sold all stolen bitcoin..