BTC Market Alert: Bitfinex Hacked for nearly 120k BTC

P2SH.INFO shows movement out of multisig wallets... gives indication of bfx breach size! • /r/Bitcoin

 

I'm just watching BTC crash more and more.. This is terrible. It was 670 a few days ago now at 470.

 

It's a bit tragic to watch indeed. Folks are wondering if Bitfinex will be Gox 2.0... All eyes on them. It's sitting $510 right now. I see some more FUD on the horizon though. Might be a bit of a rough ride.. That's $60M+ of customer funds at stake.

 

jesus, i was about to post this aswell before you, RIP 60m , before 72 mil USD dollars worth of bitcoins.

 

Expect bitcoin price to be around 400 $ now or even a bit lower...

Depends how much % of the total bitcoins were stolen, and what will happen with regulations, if someone will be blamed for it etc... after this breach.

But people will make money lol....

 

Well luckily it has stabilized around $530-540ish... Please no more crasharino

 

For now. If i were you i would get rid off all btc and take the losses while you can, afterwards buy back when price is lower.

 

That is terrible advice IMO. But you do you.

 

Well that would wise decision atleast thats my opinion.
As they haven't announced what % of the total bitcoins were stolen and we can't really predict kind of long-term effect it will make.


Will the thief will be caught?
Will the thief dump or hold btc?
Will there be new regulations after 2nd huge theft of bitcoins?


60 mil isn't small ammount and we don't know alot of answer to many questions, so people will dump bitcoins and price will drop, might aswell profit on that.
Better dump all btc while the price is +- stable now and to buy later for smaller price.

 

Time to buy bulk btc

 

if i only have around 300$ in btc, would it be wise to sell or keep?

 

Bitfinex must have a way to track all those btc. I'm sure the theif will be caught.

 

This is a really bad situation. Bitfinex was supposed to be the most secure Bitcoin exchange out there. I personally trusted my money with them over any other name in the industry. When you look at this hack, the amount is staggering. It is unfathomable that in 2016, after so many hacks and mismanagement in the past, an exchange could be hacked for $60M+ USD worth of Bitcoin. There were major lapses in security here.

 

Bitfinex: Hacker used bitfinex and bitgo keys • /r/Bitcoin

This post highlights a key weakpoint in trusting third party "secure" storage services. Although Bitgo itself wasn't compromised, the hacker was able to settle a 0 confirmation 120k withdraw all at once without triggering any red flags due to the nature of him/her obtaining the necessary multi-sig keys. It's also important to note that Bitgo is deployed on various levels at several large exchanges including Kraken and Bitstamp. Bitgo has confirmed after internal investigation that the breach was not on their servers. I'm sure time will reveal more clues. But all in all, yes this is a rather bad situation...

 

It wont fall below 450$, thats for sure.

 

It's already on track to going past $600

 

Yeah, and im happy, since I was in -500$ due to the crash. Im glad I didnt sell it.

 

you guys should check on reddit. some people there are on suicide watch because of lots of lost investments. It's sad.

 

BitGo Secures First-Ever Comprehensive Bitcoin Theft Insurance From XL Group Insurance Companies

A deleted page from BitGo's website stating that there was full $250k coverage (via XL Group insurance companies) for every paying BitGo customer.

"In the event of a covered loss, the policy would reimburse BitGo’s customer, as a direct loss payee, for the value of the lost or stolen bitcoins, subject to the terms and conditions of the insurance policy with XL Group."

Why did BitGo's blog post about insurance disappear?

Apparently they discontinued the coverage for all customers in January of this year, but there was no public notice given to make it known. Seems shady indeed..