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Author Topic: [2016-09-18] Bitfinex Issues Bitcoin Hack Repayment Plan Update  (Read 200 times)
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September 18, 2016, 04:10:17 AM

Bitfinex has taken new steps to reimburse accountholders who lost funds in an exchange breach earlier this year.

In a blog post this week, the troubled exchange announced two special purpose vehicles (SPVs) would be made available to accountholders for the purpose of exchanging digital assets for interest in iFinex Inc, Bitfinex's parent company. The exchange issued the assets, called BFX tokens, to accountholders after suffering a 120,000 BTC ($72m) hack on 2nd August.

One SPV, the exchange said, was created in partnership with crowdfunding platform BnkToTheFuture, while another was part of an effort organized by investor Alistair Milne. Both SPVs will allow accountholders to exchange BFX tokens for $1 beneficial interests in iFinex, it said.

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September 18, 2016, 03:55:02 PM

Two turds, one more brown than the other. I love the debate over at reddit arguing which piece of shit is more valued. I guess what we're learning here is that people get emotionally invested, and make poor decisions that defy rationality. Anyone who trades for a living would recognize Bitfinex as the trade that needs to be "cut" -- either by cashing out their loss and moving on, or getting some sucker to buy their BFXCrapCoins.

The end result for a pro trader is a flat account balance and a learned lesson. With this "Special Purpose Vehicle" you get to prolong the pain with a company that doesn't even have a posted Disaster Recovery plan, or a posted Security Plan to prevent future problems. They're running their exchange like a personal piggy bank, which was admitted to by the CEO in a drunken rant that the two top account holders were in fact exchange employees.

If you trust these assholes with your money, you are in fact -- mental, hopeless and deluded.

fortitudinem multis - catenum regit omnia
Carlton Banks
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September 18, 2016, 04:55:46 PM

Two turds, one more brown than the other.

Nigh-on actual ROFL, classic Timm vitriol. Made my day Smiley

Vires in numeris
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