Digital Currency Series: South Korean Start-Up S2W Lab Associates With Interpol For Tackling Dark Web Transactions
Digital Currency Revolution Series: Is Bitcoin’s Upsurge Stable Ahead of Block Reward Halving Event?
Can Bitcoin Moon-shot In Tandem With Covid-19 Speed As US Congress Mulls Over Digital Dollar Stimulus Package?
Regulatory Series on Cryptocurrencies: Pandemic Coronavirus Holds Back Russian Prohibition On Cryptocurrencies
Blockchain Revolution Series: Citigroup Ventures With Ethereum-Based Komgo To Target Trade Finance Domain
Regulatory Series On Cryptocurrencies: Chinese Native Crypto On The Cards Amid Pandemic Circumstance
Blockchain Revolution Series: VitalHub Corp Launches Blockchain-Based Toolkit For Coronavirus Screening Electronically
Cryptocurrency exchange Bitfinex hacked, around 120k BTC reportedly stolen
The cryptocurrency ecosystem is once again under a major hack, and this time the target is Hong Kong-based digital currency exchange Bitfinex.
In an official statement posted on its website, Bitfinex said that it has discovered a security breach and has halted all trading on its platform, along with all digital token deposits to and withdrawals from it.
“We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen. We are undertaking a review to determine which users have been affected by the breach. While we conduct this initial investigation and secure our environment, bitfinex.com will be taken down and the maintenance page will be left up”, Bitfinex said.
The firm further emphasized that the breach was limited to bitcoin wallets and that other digital tokens traded on its platform were unaffected. Bitfinex said that it is cooperating with law enforcement on the matter.
“As we account for individualized customer losses, we may need to settle open margin positions, associated financing, and/or collateral affected by the breach. Any settlements will be at the current market prices as of 18:00 UTC. We are taking this necessary accounting step to normalize account balances with the objective of resuming operations. We will look at various options to address customer losses later in the investigation”, it added.
According to CoinDesk, the company confirmed via social media that nearly 120,000 BTC (over $60 million) was lost or stolen in the hack. The impact of this massive hack was clearly visible in bitcoin price which fell to a 2-month low of $465 on Tuesday.
The website continues to be offline at the time of writing.