[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

[HairyMaclairy]

Thank you Giancarlo for the update.

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[Kato]

Thanks for the update above Giancarlo, though it seemed forever in coming. Perhaps once it is all sorted and you have more time, you could elaborate on the event and suggest how this system vulnerability will be rectified going forward.

Thanks and regards.

[obitoo]

I see trades being executed.

That's interesting. I see the fake bids of 829 and 10,000 is gone and the 500 fake offer too. Right now trading seems to have resumed and normalised. Maybe we don't need a rollback?

My balance and position are still all fucked up. And I have a withdrawal in limbo.

 

Do you have a negative trade balance? Can you post a screenshot?

Hmm. It seems back to normal now. I think, eyeballing it anyway. Nothing rolled back. I'm not complaining -- I made a few thousand bucks in a few seconds there -- but an announcement from Bitfinex would be nice. And I'd be pretty pissed if I had stops that triggered because of this hack.

Withdrawal in limbo -- but then again, their hot wallet would be empty, wouldn't it?

Edit: Did trading freeze again?

hmmm my usd balance was wrong a few hours ago - then briefly correct, now i'm into work and checking again and its wrong.  Does anyone know if they're working on this - I can't see any announcements on the bf site.

Yes. An announcement has been made by Bitfinex. See a few posts above.

Ah thought that was a cut n paste, just realised that was straight from the horses mouth.  I'm a bit slow!   thanks

[johnm1019]

It would be very nice to see these announcements on the bitfinex page in a format more like,

"Dear Customers,
  At 12345 GMT+1 several malicious orders were placed on bitfinex with the attempt of manipulating ticker prices.  This was detected at 34567 GMT+1 and trading was halted due to the issues this caused.  Your money is safe.  These orders got through because they exploited (some awesome roll-over bug)....  We have updated the trading platform, and fixed the malicious trades.  Trading is resumed as of 55667 GMT+1 and we continue to closely monitor the situation."

Instead of
"the situation is under control"

What the flip kind of opening statement is that?  What about the "average joes" who weren't aware there was a problem in the first place?  That sounds like the first line of a post-terrorist attack government speech and 3000 people just died.

Seriously guys, get a native english speaker writing your press releases -- it will increase your credibility 10-fold.

[BitBits]

Are they going to undo absolutely all of the trades for the time period in question?
From what I saw during the "hiccup", most/a lot of trades were made in the right range.

P.S.

You are joking me right?
What about the shorts I took in LTC/USD more than 2 days ago that where giving me plenty of profit? You are stealing that money from me!
You screw up! A situation that went on for more than 5h, from morning to noon in Hong Kong, where your service resides and no one of your team did anything. Too busy doing what? Partying, sleeping?
You run an exchange that moves millions every day and you don't pay attention for 5h? Are you joking me?
I want my money back. You have bank accounts in European Union and I'm taking you to a court of law in here!

Oh, you are such a selfish ass, aren't you? GFY...

[thunderblt]

Dang it. They rolled back trades I made in exchange mode. This sucks, what if someone just sold to sleep in fiat, and now will wake up see everything is rolled back and price is god knows where? This is beyond ridiculous.

[CambioBTC]

Are they going to undo absolutely all of the trades for the time period in question?
From what I saw during the "hiccup", most/a lot of trades were made in the right range.

P.S.

You are joking me right?
What about the shorts I took in LTC/USD more than 2 days ago that where giving me plenty of profit? You are stealing that money from me!
You screw up! A situation that went on for more than 5h, from morning to noon in Hong Kong, where your service resides and no one of your team did anything. Too busy doing what? Partying, sleeping?
You run an exchange that moves millions every day and you don't pay attention for 5h? Are you joking me?
I want my money back. You have bank accounts in European Union and I'm taking you to a court of law in here!

Oh, you are such a selfish ass, aren't you? GFY...

I'm the selfish one? I don't see them working for free I was paying this bunch every time I used their service. This is a business not a party house.

These guys make millions of USD every months from the fees of users like me. They can't just come here and say: Ei, there was this rat you see, so now we are canceling everything.

Cost of doing business. Own up to your mistakes and pay the people you screwed with this.

Revenue and Profit are two different animals,
I doubt very seriously they are making "Millions"
as you put it in profit with the low fees they
charge, otherwise they've would have paid for
MetaTrader for us to use by now, just a hard
working team trying to keep a system up and
running, if you know of a better platform name
it.

There is Kraken.com that has some really innovative
order options, but unfortunately they don't have the
USD volume which in hand has cause them to
put their margin / leverage on hold, other than that
I'd say BitFinex is about as close to perfect that
we can get, connecting a debit card to our deposit
wallet for ease of access to funds thus eliminating the need
for so many wire transfers would be nice, but then
so would "World Peace", oh well,

[F-bernanke]

Dang it. They rolled back trades I made in exchange mode. This sucks, what if someone just sold to sleep in fiat, and now will wake up see everything is rolled back and price is god knows where? This is beyond ridiculous.

A rollback is the only option, or would you rather have people default?

[obitoo]

 just a hard working team trying to keep a system up and
running, if you know of a better platform name it.

Well said - they're a small team and right now they'll be updating, testing and reccing like crazy. No spare capacity for comms - which is unfortunate, but hey. (though personally in this scenario i'd make siure i had a freelance PR dude on call, but thats only just occurred to me)

[Hfertig]

In my view this was the only way to handle the situation. If trading would not have been stopped and the trades rolled back, we would have seen a huge crash, due to increasing margin calls. In addition this would have caused massive losses on the lending side. Trust would have been destroyed. Given this was malicious, they acted correctly.

Well done Bitfinex for acting quickly

[Bonez0r]

It would be very nice to see these announcements on the bitfinex page in a format more like,

"Dear Customers,
  At 12345 GMT+1 several malicious orders were placed on bitfinex with the attempt of manipulating ticker prices.  This was detected at 34567 GMT+1 and trading was halted due to the issues this caused.  Your money is safe.  These orders got through because they exploited (some awesome roll-over bug)....  We have updated the trading platform, and fixed the malicious trades.  Trading is resumed as of 55667 GMT+1 and we continue to closely monitor the situation."

Instead of
"the situation is under control"

What the flip kind of opening statement is that?  What about the "average joes" who weren't aware there was a problem in the first place?  That sounds like the first line of a post-terrorist attack government speech and 3000 people just died.

Seriously guys, get a native english speaker writing your press releases -- it will increase your credibility 10-fold.

It's basic psychology. When you bring important news to one or more nervous people, the first thing you do is try to take away some of the nervousness by saying that the problem is under control. THEN you go into details. Admittedly they could have gone into more detail. There must be more going on than simply a trader "playing with prices". The BTC orderbook was completely screwed up (bid prices above the lowest ask price and vice versa), so it's either a hack, or (more likely) a serious bug that needs to be fixed. I hope they come forward with more details soon.

[thunderblt]

Dang it. They rolled back trades I made in exchange mode. This sucks, what if someone just sold to sleep in fiat, and now will wake up see everything is rolled back and price is god knows where? This is beyond ridiculous.

A rollback is the only option, or would you rather have people default?

Rollback is not a solution here, people made decisions and changed hands. rolling back will only make the other half lose. they are just diverting the problem now. the only responsible party here is Bitfinex. they promised us security and now got hacked. I sold my LTC @22 and now it's rolled back, and price is plummeting while I can't do shit. why should I lose money for my correct decision?

[BitCoinNutJob]

how can you role back trades made in exchange mode? wtf

[btcdrak]

Dang it. They rolled back trades I made in exchange mode. This sucks, what if someone just sold to sleep in fiat, and now will wake up see everything is rolled back and price is god knows where? This is beyond ridiculous.

A rollback is the only option, or would you rather have people default?

Rollback is not a solution here, people made decisions and changed hands. rolling back will only make the other half lose. they are just diverting the problem now. the only responsible party here is Bitfinex. they promised us security and now got hacked. I sold my LTC @22 and now it's rolled back, and price is plummeting while I can't do shit. why should I lose money for my correct decision?

+1

This people don't seem to notice that:
- Bitfinex, is not a free service
- Bitfinex, makes millions of profit every month
- Bitfinex is not an open platform.
- Bitfinex screw up when they built a site that handles hundreds of millions of USD every month and they didn't secure it properly.
- Bitfinex screw up when they took hours to address this situation.
- Bitfinex is screwing up when they are taking away the profits that their normal users did, because of some rogue user that exploited the vulnerability of the site they created.

That's a fact.

[CambioBTC]

Hey you guys are busy now of course,
but when you find time how about implementing
some of the Kraken advanced orders to include:



Advanced Order Types

    Stop Loss Limit
    Trailing Stop Limit
    Take Profit
    Take Profit Limit
    Stop, Limit
    Stop Loss, Take Profit
    Stop Loss, Take Profit Limit

[Hakze]

Is the current account balance correct?  

If that's correct can Bitfinex explain to me how could I lose money even though I was short overnight?
I lost about usd 600 (while I was short) instead of making money.

Even if they canceled my short at the sell price  (60 short at usd 21,90) which I bought back at 15,00  that will not explain the lose.
1290790   LTCUSD   100.0   15.0   about 5 hours ago   BFX
1290788   LTCUSD   50.0   15.0   about 5 hours ago   BFX
1290780   LTCUSD   50.0   15.1   about 5 hours ago   BFX
1290777   LTCUSD   50.0   15.1   about 5 hours ago   BFX

So is the current account incorrect or did they take money from my account (and others)?

And yes the response of bitfinex to this extreme situation was rather sloppy, not an exchange worthy.
Don't you have a big red button?

I can't wait for the next big improvement...
Re: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

[wizby]

Dang it. They rolled back trades I made in exchange mode. This sucks, what if someone just sold to sleep in fiat, and now will wake up see everything is rolled back and price is god knows where? This is beyond ridiculous.

A rollback is the only option, or would you rather have people default?

Rollback is not a solution here, people made decisions and changed hands. rolling back will only make the other half lose. they are just diverting the problem now. the only responsible party here is Bitfinex. they promised us security and now got hacked. I sold my LTC @22 and now it's rolled back, and price is plummeting while I can't do shit. why should I lose money for my correct decision?

+1

This people don't seem to notice that:
- Bitfinex, is not a free service
- Bitfinex, makes millions of profit every month
- Bitfinex is not an open platform.
- Bitfinex screw up when they built a site that handles hundreds of millions of USD every month and they didn't secure it properly.
- Bitfinex screw up when they took hours to address this situation.
- Bitfinex is screwing up when they are taking away the profits that their normal users did, because of some rogue user that exploited the vulnerability of the site they created.

Not gained profit isn't a loss!!! Thats like saying if i had bought BTC back in 2011 i would be rich by now... WHERE IS MY PROFIT jbssm?! Give it to me or i'll sue you...
If BFX hadn't rolled back, many users would go default, because their money had gone, and then the whole BFX would go bankrupt with all your money to... I know you are bitter like myself, but put yourself together and understand the situation!

[TERA]

hmm how about some staff to manage one of the largest financial centers of bitcoin and the hundreds of millions of dollars of assets. Even mtgox has staff.

[thunderblt]

Not gained profit isn't a loss!!! Thats like saying if i had bought BTC back in 2011 i would be rich by now... WHERE IS MY PROFIT jbssm?! Give it to me or i'll sue you...
If BFX hadn't rolled back, many users would go default, because their money had gone, and then the whole BFX would go bankrupt with all your money to... I know you are bitter like myself, but put yourself together and understand the situation!

I Am At Loss Here. where do you think all the lost money went? some hackers got all the money and withdrew while Bitfinex team was sleep, and now they come back and pay you with my money instead of taking the responsibility. I sold my LTC's for f*** sake, and now I'm staring at the price going down holding LTC bag. What did I do wrong to lose money?

[blueberry]

Rollback is not a solution here, people made decisions and changed hands. rolling back will make the other half lose. they are just diverting the problem now. the only responsible party here is Bitfinex. they promised us security and now got hacked. I sold my LTC @22 and now it's rolled back, and price is plummeting while I can't do shit. why should I lose money for my correct decision?

Did you sell your LTC @22 during the abnormal trading period in question? If so then the trade should be rolled back since it was only executed because of a malicious hack and therefore are fraudulent trades. 22 was 10% above market value and would not have been reached under any normal market trading circumstances. Btc-e's highest price was 20.45 during this period.

You are joking me right?
What about the shorts I took in LTC/USD more than 2 days ago that where giving me plenty of profit? You are stealing that money from me!

Did your LTC/USD shorts get closed during the abnormal trading period in question? These trades were outlier trades only executed because of a hack and therefore are fraudulent trades, with as much as a 30% price deviation from normal market value. Once again, these prices would not have been reached under any normal market trading circumstances. Btc-e's lowest price during this period was 19.76.

how can you role back trades made in exchange mode? wtf

Exchange trades share the same order book with margin trades and are matched with each other. ANY trades made on the BTC/USD or BTC/LTC orderbook during the abnormal trading period are affected and should be reversed.