Bitcoin Exchange Hacked


A Bitcoin Exchange has been hacked, with roughly $65 million worth of the digital currency having been taken.

As reported by CNN, 119,756 bitcoins were taken, according to Zane Tackett, the director of community and product development for Bitfinex.

According to Reuters, “Bitfinex is one of the largest exchanges for bitcoin, and is known in the digital currency community for having a platform that has deep liquidity in the U.S. dollar/bitcoin currency pair.”

Reacting to the breach, Bitfinex has stopped withdrawls, trades, and deposits, and is working on how to recoup investors.

Bitcoin price drops by 23% at lowest point, has since recovered.

On news of the hack, the bitcoin price dropped by 23% at its lowest point. The price has since recovered, likely due to the fact that the amount of bitcoins stolen is only 0.75% of the total digital currency volume.

Previous Bitcoin exchange hacks have been much worse

The recent bitcoin exchange hack is not nearly as serious as the hack on MtGox in 2014. The Tokyo-based exchange was ruined when $650 million in bitcoins were stolen. MtGox was forced to file for bankruptcy.

Read more about the Bitcoin exchange hack

  • CNN:
  • CNBC:

Read about the potential consequences of a cashless society


Leave a Reply

Your email address will not be published. Required fields are marked *