$61 million Stolen from Bitcoin exchange

2016-08-02-image-33

Bitcoin exchange has been hacked, with hackers stealing approximately bitcoin worth $61 million at current exchange rates from user accounts. To limit any further damage and investigate the hack, Bitfinex has suspended their operations.

It’s not clear how they managed to bypass Bitfinex’s security systems, including a limit on withdrawals, so it may take some time for the exchange to investigated. Bitfinex will also be examining which accounts were affected by the theft, and has confirmed that all losses were limited to just bitcoin wallets.

Bitfinex released a statement regarding the situation:

“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.”

Whether or not Bitfinex can afford to compensate users more than 100,000 bitcoin remains to be seen.

Bitfinex community director Zane Tackett has been active on Reddit  discussing the breach, and suggests that the hackers used a sophisticated system program to compromise complex multi-factor bitcoin security. He is also confident it wasn’t an inside job after speaking to his small team.

With the high rate of hackers round the world, no place is safe for everyone especially the secret ones.

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