Tuesday, 2 August 2016

On 23:48 by admin   No comments
Crypto-currency trader Bitfinex announced today that it was shutting down operations for the foreseeable future as the company will be investigating a security breach that allowed an attacker to make off with some user funds.

Bitfinex, a website where users can register and exchange fiat currency for various crypto-currencies, is one of the lesser known Bitcoin traders, but one riding a rising wave of popularity, according to website ranking site Alexa.
Site shuts down for ongoing investigation
In an update on its home and status page, the company announced users that it froze assets and shut down operations as of 18:00 UTC, due a security breach its engineers detected following multiple user complaints.
Bitfinex users had reported to the company that some of the funds from their accounts were missing.
According to data available at the time of writing only Bitcoin funds were stolen, while other virtual currencies exchanged on the platform didn't seem to have been taken from any of the affected accounts.
Bitfinex took quick steps to plug the hole by shutting down their system entirely, while also notifying law enforcement.
Users will get their funds back
The company had also promised to address any customer losses following the conclusion of their investigation.
"As we account for individualized customer losses, we may need to settle open margin positions, associated financing, and/or collateral affected by the breach," the company wrote. "Any settlements will be at the current market prices as of 18:00 UTC."
It's been a while since a Bitcoin-centered company announced a heist. The last one was from the Gatecoin exchange, who in May reported losing funds worth $2 million following a cyber-heist.
Bitfinex didn't provide any details regarding the size of the funds lost in the security breach, how many users were affected, or if it was a heist or just a technical glitch. Below you can read Bitfinex's full statement.

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