Bitcoin exchange dropped after hackers theft

9 years ago - Published in Finance, Fintech Land, Technical Analysis

Hackers have compromised the Bitcoin exchange Bitfinex, the company announced today, withdrawing roughly $61 million from various consumer accounts. The causes are still unclear, but the attackers appear to have bypassed Bitfinex’s mandated limits on withdrawals.

"The theft is being reported to — and we are co-operating with — law enforcement," the statement reads. "We ask for the community’s patience as we unravel the causes and consequences of this breach", the company  posted the note on their website detailing the security breach.

It suspended immediately operations while USD funds and other cryptocurrency balances haven’t been compromised. In response, bitcoin prices fell to $560.16 by 19:30 UTC, $530 by 23:30 and $480 at press time, CoinDesk USD Bitcoin Price Index (BPI) data reveals. This price was about 20% lower than the day’s opening of $607.37.

Also in February 2014, after Tokyo-based Mt. Gox, then the largest company, discovered it was hacked filed for bankruptcy weeks later. Bitcoin prices plunged 30 percent that month.