Bitcoin Crash

Press release seems bit iffy.,,,
A bank gets robbed, it's the bank that take the lose on their book, nothing to do with customers (unless it is bankrupt and can't pay)

This exchange get robbed from what it stated and they are trying to ascertain which individuals have had their bitcoins stolen in their care?

Don't these exchanges have insurance?
 
It went as low as 465? Damn. Guess I should wait some more. Perhaps below 300 USD again? :P
 
I see it a bit like the Mt Gox debacle which smashed the bitcoin price. If an exchange has a major security/theft incident then it undermines confidence in the underlying commodity/currency.

It is probably just a bit of a blip, but since bitcoin is highly sensitive to changes in sentiment and confidence it makes sense that the price is affected.
 
zanetackett 30m
I can confirm that the loss from the hack stands at 119,756btc
zanetackett 2m
We don't use cold storage and has stated as such ever since we implemented bitgo, we use segregated customer multi-sig wallets. We're still investigating how this happened and how our security measures were bypassed.


No cold storage?? 120k BTC's in a hot wallet?......... right.. Bye bye Bitfinex. Once again BTCe is the safest place to trade it seems.
 
Seriously bad news for Finex users, some of whom are facing mind blowing losses. I hope they get some or all of their funds back.

But look on the bright side, volatility = opportunity

BTC will recover, it always does
 
digitalcoinstore said:
Seriously bad news for Finex users, some of whom are facing mind blowing losses. I hope they get some or all of their funds back.

But look on the bright side, volatility = opportunity

BTC will recover, it always does
Click to expand...

Unless all the exchanges start getting hacked one by one :P
 
That is a possibility

Finex has announced that it will give all users a 36% haircut on their assets so they at least don't lose everything. Since then the price has risen significantly.
 
Any idea if it was an inside job? Easy way to fleece people of their bitcoins I think :p
 
Don't keep silver at home
Don't keep digital currencies on an exchange
 
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