Bitfinex asks users to help in Recovery

[Quantus]

*Sigh* this is what will happen.

They will look for investors to buy Bitfinex with its massive debt obligations. No one will accept such a high risk and long term investment. Even if they could overcome the horrifically bad PR, it would take a decade to recoup the loss.

The website will shut down and the original investors will be fully reimbursed with the remaining available funds then the CEO will get a big fat bonus check and then the company will enter some kind of receivership that will dole out pathetically small payments over the next four years.

Lawsuits will be filed and then promptly thrown out because "lack of standing." (trying to sue a chines company is a huge waste of time)

You gave your money to a third party service provider in fucking China for a worthless IOU; What the fuck did you expect was going to happen?

They were uninsured and unregulated, operating outside the law. I mean what the fuck?  You money is gone.

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[marky89]

They were uninsured and unregulated, operating outside the law. I mean what the fuck?  You money is gone.

While I don't totally doubt what you're saying, are you saying that Hong Kong and the British Virgin Islands are completely lawless? I imagine much harder to sue in those jurisdictions than in USA, but I imagine it's not impossible.

But I'd agree that Bitfinex was organized in these jurisdictions (rather than say, USA) for a reason.

[Quantus]

They were uninsured and unregulated, operating outside the law. I mean what the fuck?  You money is gone.

While I don't totally doubt what you're saying, are you saying that Hong Kong and the British Virgin Islands are completely lawless? I imagine much harder to sue in those jurisdictions than in USA, but I imagine it's not impossible.

But I'd agree that Bitfinex was organized in these jurisdictions (rather than say, USA) for a reason.

Will yeah, its not lawless but beyond your reach. Outside the reach of your laws.
 In China money and political influence are corner stones. Anyone outside of China will be at a huge disadvantage. Once the government appoints someone to oversee the receivership its game over.

[plpbtc1526]

This is bad coz they cant even resolve this for themselves. Why you pay for your lost money? Are you sure this is legit? They're already bunkrupt or they will be bunkrupt i guess if they still operate their site.

[illyiller]

This is bad coz they cant even resolve this for themselves. Why you pay for your lost money? Are you sure this is legit? They're already bunkrupt or they will be bunkrupt i guess if they still operate their site.

Well, they aren't bankrupt. But depending how things are accounted for, they might be insolvent. Technically, if they give a 36% haircut to users, they might be solvent, with money to spare for operation costs for the foreseeable future. The problem is: is what they did legal? Not so sure, and that may be the downfall of Bitfinex.

I bet they've had offers to buy out 100%, or at least large majority of equity, in return for paying off the debt. But I think the owners are greedy and think they can run things this way. Bad choice.

[rphk]

it is good bitfinex helping users to recover money. but may be for the big customers to recover as they want retain their customers , not sure how they will recover so much huge amount , but it is good that bitfinex taken some steps on that

[huntalan81]

it is good bitfinex helping users to recover money. but may be for the big customers to recover as they want retain their customers , not sure how they will recover so much huge amount , but it is good that bitfinex taken some steps on that

In my opinion bitfinex is dead. Hackers want more money- they do this new campaign.

[bitbunnny]

Yeah, it will be very hard for them to recover and get back the trust of their users. And all this situation and their behaviour after the incident is not much in their favour.

[r.o.o.t]

A little bit of fun - Hitler gets a Haircut

https://www.youtube.com/watch?v=CN4RdrN80ic

[noictib]

how can we trust at this blog . i have not get any email from them . please don't try to scam . Or it may be that you are trying to increase traffic on your blog for adsense earning .

[mayax]

it is good bitfinex helping users to recover money. but may be for the big customers to recover as they want retain their customers , not sure how they will recover so much huge amount , but it is good that bitfinex taken some steps on that

In my opinion bitfinex is dead. Hackers want more money- they do this new campaign.

it seems that Bitfinex has many sheep as clients and they are happy even they lost 36%.  so, Bitfinex is not dead yet. they will run their scam exchange without any problem.

[Strongkored]

how can we trust at this blog . i have not get any email from them . please don't try to scam . Or it may be that you are trying to increase traffic on your blog for adsense earning .

I think the OP simply share the article that he made on the blog, and have no intention to scam people. I think reasonable if you have a blog and would like your blog traffic crowded because it will make money for the blog owner.

And maybe if you're worried it's a scam, check it on bitfinex blog and many of their official announcement, about the hack. http://blog.bitfinex.com/ thank you

[pooya87]

help from users needs trust from them, a trust that was lost the day they got hacked. nobody will ever even think about going to their exchange and they will never even be able to sell it to anybody.

[Matt Guy]

I expected an exchange like this to be better prepared for such situations.

[streazight]

http://satoshibonus.blogspot.com/2016/08/bitfinex-share-loss.html

Bitfinex asks users to help in Recovery by sharing the loss.

Well the problem is not the asking for help but more like why other coins needs to save bitcoin ?
I mean I get it the only thing that was hacked was bitcoin and nothing happened to fiat and altcoin holders and their idea was that, instead of 100% of bitcoins gone, why not 20% of all gone?

That way rather then all bitcoin gone all people would keep 80% of it. That makes no sense, why the others pay for only bitcoins hack?

[.m.]

BFX up ! Over 0.5 !

[Qartada]

BFX up ! Over 0.5 !

Any reason for that?

[mayax]

is there any logical reason for someone to use Bitfnex after they fucked their clients? NOPE but still many are using them

[.m.]

What would you recommend ? Imagine your money were there. They took away (BFX counted in) around 18 % of your deposits - which is less if you held BTC from 400 to 600 (+50%).

[exstasie]

is there any logical reason for someone to use Bitfnex after they fucked their clients? NOPE but still many are using them

Some people have some serious Stockholm Syndrome around Bitfinex. Others are just desperate gamblers who want a piece of the BFX market and access to margin. I don't think these people realize that Bitfinex's problems are not over...