Digital Currency Exchange Bitfinex Limping Along Following $70 Million Hack

[traderman]

Despite good-faith efforts made by Bitfinex management to restore investor confidence, volumes on the exchange are currently a small fraction of what they were prior to the monumental theft. Data from BitcoinCharts.com shows the drastic drop in volume on the Bitfinex BTC/USD pair after the hack:

http://www.razor-forex.com/2016/09/digital-currency-exchange-bitfinex.html

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[~Bitcoin~]

This drop was quite predicted one after how they fail to keep their customers fund safely. Who gonna trust them again after this huge lost. I also used to trade there but after this mesh up and lost i haven't even login there.

[pikebu]

Despite good-faith efforts made by Bitfinex management to restore investor confidence, volumes on the exchange are currently a small fraction of what they were prior to the monumental theft. Data from BitcoinCharts.com shows the drastic drop in volume on the Bitfinex BTC/USD pair after the hack:

http://www.razor-forex.com/2016/09/digital-currency-exchange-bitfinex.html

Will be hard for bitfinex to building trust again after it be hacked, the users will be fears using their service again and it is need hard work for bitfinex to increase amount of volume trading.

[SANALIU]

not new news because accident 2-3 month latter
and much disscus posting in after accident in month august
i think is not good because not new accident and repeat post again after 3month

[Lauda]

I see nothing unusual here. The hack was massive, and 'traders' and 'speculators' are concerned that they may never get their money back. Similar stuff happened with Bitstamp after they've been hacked a while ago. I would say that it is a very positive thing that they've already started redeeming some tokens and paying people back. Hopefully, everyone will eventually gain all of their funds back which should restore (at least some) confidence.

i think is not good because not new accident and repeat post again after 3month

There's nothing wrong with pointing out that Bitfinex is struggling, which is actually the case.

[Milkduds]

Its really to bad that this happened to Bitfinex. Before this issue I really enjoyed trading at their site because I felt a little more insulated as a newbie trying to learn the ins and outs and not wanting to be burnt trading bitcoin at more established sites. Meaning trading altcoins only and it was a great site to learn on.
Struggling is amazing,since I thought they would be done after the issue came out. Personally would not touch them at all and think a majority would feel the same way,but I could be wrong as well.

[Yakamoto]

Despite good-faith efforts made by Bitfinex management to restore investor confidence, volumes on the exchange are currently a small fraction of what they were prior to the monumental theft. Data from BitcoinCharts.com shows the drastic drop in volume on the Bitfinex BTC/USD pair after the hack:

http://www.razor-forex.com/2016/09/digital-currency-exchange-bitfinex.html

Well no kidding the trading volumes are going to be smaller, you don't lose a ton of money and then suddenly have everyone flocking back to the exchange that collapsed once it is up and running again.

If they can keep the exchange running without getting hacked again, then some investors might return, but it will take a long time to recover from what happened.

[traderman]

This was the second largest hack after Mt.Gox! Hell, there hasn't been any news on how the "hackers" got in. For all we know the same scenario could repeat itself. The prospects for Bitfinex are quite bleak at this point. I loved trading on there for many years!

Despite good-faith efforts made by Bitfinex management to restore investor confidence, volumes on the exchange are currently a small fraction of what they were prior to the monumental theft. Data from BitcoinCharts.com shows the drastic drop in volume on the Bitfinex BTC/USD pair after the hack:

http://www.razor-forex.com/2016/09/digital-currency-exchange-bitfinex.html

Well no kidding the trading volumes are going to be smaller, you don't lose a ton of money and then suddenly have everyone flocking back to the exchange that collapsed once it is up and running again.

If they can keep the exchange running without getting hacked again, then some investors might return, but it will take a long time to recover from what happened.

[tabas]

This drop was quite predicted one after how they fail to keep their customers fund safely. Who gonna trust them again after this huge lost. I also used to trade there but after this mesh up and lost i haven't even login there.

So before this incident someone has already predicted this to happen? I am thinking that if they are not able to hold the funds of customers properly for sure there are no customers that will going to trust their bitcoins to them again. Because ones is enough and twice is too much and that is all the investors way of thinking.

[shinratensei_]

This was the second largest hack after Mt.Gox! Hell, there hasn't been any news on how the "hackers" got in. For all we know the same scenario could repeat itself. The prospects for Bitfinex are quite bleak at this point. I loved trading on there for many years!

Despite good-faith efforts made by Bitfinex management to restore investor confidence, volumes on the exchange are currently a small fraction of what they were prior to the monumental theft. Data from BitcoinCharts.com shows the drastic drop in volume on the Bitfinex BTC/USD pair after the hack:

http://www.razor-forex.com/2016/09/digital-currency-exchange-bitfinex.html

Well no kidding the trading volumes are going to be smaller, you don't lose a ton of money and then suddenly have everyone flocking back to the exchange that collapsed once it is up and running again.

If they can keep the exchange running without getting hacked again, then some investors might return, but it will take a long time to recover from what happened.

I just heard if the bitfinex are already been careful with their security, but I don't know if that is a correct statement or not. A lot of investors is migrating into the another exchange. a lot of investor are worried for trading in there again.

[Wind_FURY]

This was the second largest hack after Mt.Gox! Hell, there hasn't been any news on how the "hackers" got in. For all we know the same scenario could repeat itself. The prospects for Bitfinex are quite bleak at this point. I loved trading on there for many years!

That should worry everyone because Bitfinex could be either hiding their negligence which they could pay large fines if proven guilty under tort law. Or it is really an inside job with or without the exchange's founders/owners knowledge. That is a bigger scandal if proven true and it would force Bitfinex to close down the exchange.

The safer option was to let all the talk and rumors die down and try to save the exchange and pay their customers. If I was using that exchange I would prefer to stay quiet and get paid. Then leave and never come back.

[aso118]

This drop was quite predicted one after how they fail to keep their customers fund safely. Who gonna trust them again after this huge lost. I also used to trade there but after this mesh up and lost i haven't even login there.

They still haven't repaid the customers' funds. All the customers have are the BFX tokens.
If Bitfinex manages to raise some funds and redeem these tokens, then possibly the customers will start trusting them again.

[franky1]

bitfinex is trying to grab cash from private investors to pay its customers.
though customers see this as a positive. this can lead to a bigger problem later for bitfinex and the investors side
http://blog.bnktothefuture.com/bitfinex-signs-letter-of-intent-with-bnktothefuture/

[LORDKEK]

They have the chance to pull themselves out of their hole if they immediately add PEPECASH..

I can't think of anything else that could possibly save them..

[drwtsn32]

That is normal to happen. You won't get the trust of your investors back in a single night.
But it's a good thing that they are trying to return their service back and their clients' investments.

[MingLee]

That is normal to happen. You won't get the trust of your investors back in a single night.
But it's a good thing that they are trying to return their service back and their clients' investments.

Giving out the tokens or whatever they did that represented their desire to refund their clients was definitely a smart move to make, and it shows they have some commitment to their users, but it will take a long, long time for all those tokens to be paid off. Especially if there are issues with getting a decent amount of users back on to get the volume and fees going again.

[neochiny]

It's to be expected. They can't really expect people to continue using/trading in that platform as if nothing happened. Especially after such a huge loss were all users received a whopping 36% cut in their funds.

Still, I see they're still able to have trading volumes of over a million dollars. I think that's because of the steps they've taken to try and get back on their feet, at least they have very good leadership since they were able to act decisively at the crucial moment instead of panicking and running.

They'll continue to 'limp' along and would then recover fully in future.
(Trade volumes of millions of dollars even after the hack, and it's still called limping along. Well. yeah comparison is tough.)

And that BFX token was quite a brilliant move by bitfinex. Helped keep them afloat. just. wow.    
(Hopefully it really gets honored once everything has fully recovered.)

[Kprawn]

They would have taken a smaller knock, if they handled the PR better after the hack. The CEO pulled a turtle on the media and then they

made a bunch of bad decisions, for example to shift the damage done to users who were not hacked. They then issues worthless tokens

to try to recover from that. You cannot drop the ball like this, and then expect the people to flock back to your service. 

[bitbunnny]

It will be hard for Bitfinex to restore the users trust again. They worst sinn is not the fact that they were hacked. Let's be honest, this might happen to anyone but they've made so much mistakes afterwards, so many bad decisions and totaly wrong PR and messages to their users. And puting a part of expenses also to users who didn't suffer the loss, that was wrong. Of course they would never again do business with them. Bitfinex needs new management and new approach to try to build confidence again.

[Das]

And to think blockchain.info almost got hacked yesterday. The hacker was trying to get the login details of customers, luckily for blockchain.info, it got aware of it quickly and the site went down for a while... they've not given anyone the go ahead to login yet.