Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc, and is registered in the British Virgin Islands. Their customers' money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships. Research suggests that price manipulation of bitcoin on Bitfinex accounted for about half of bitcoin's price increase in late 2017. In August 2016, Bitfinex announced it had suffered a major security breach. Immediately thereafter, Bitcoin's trading price plunged by 20%. After learning of the breach, Bitfinex halted all Bitcoin withdrawals and trading. In that hack, the second-biggest breach of a Bitcoin exchange platform, 119,756 units of Bitcoin, worth about $72 million at the time, were stolen. The Bitcoin was taken from users' segregated wallets and Bitfinex said it was tracking down the hack. Exchange customers, even those whose accounts were not broken into, had their account balance reduced by 36% and received BFX tokens in proportion to their losses. All users who kept their BFX tokens were reimbursed in full within eight months of the hack, in April 2017. The exchange's access to U.S. dollar payments and withdrawals was then curtailed. The hack happened even though Bitfinex was securing the funds with BitGo, which uses multiple-signature security. More information...
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