Bitfinex says expects ‘socialized loss’ for $72 million bitcoin hack

Bitfinex says expects 'socialized loss' for $72 million bitcoin hack

  • HONG KONG (Reuters) – Hong Kong-based crypto-currency exchange Bitfinex, from which hackers stole about US$72 million worth of bitcoin this week, said on Friday that it expected to “socialize” the losses among bitcoin balances.
  • The theft accounted for about 0.75 percent of all bitcoins in circulation.
  • In dollar terms, the theft of the 119,756 bitcoin revealed on Tuesday was the second-biggest security breach ever of a digital currency exchange.
  • The price of bitcoin plunged more than 23 percent on Tuesday when news of the hack became public, trading as low as $465.28 on the BitStamp platform BTC=BTSP.
  • “We are still working out the details,” Bitfinex said on its website, ” we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions.

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@YahooFinance: “Bitfinex says expects ‘socialized loss’ for $72 million bitcoin hack”


Hong Kong-based crypto-currency exchange Bitfinex, from which hackers stole about US$72 million worth of bitcoin this week, said on Friday that it expected to “socialize” the losses among bitcoin balances. In dollar terms, the theft of the 119,756 bitcoin revealed on Tuesday was the second-biggest


Bitfinex says expects ‘socialized loss’ for $72 million bitcoin hack