[Bitfinex Hacked] So , learned the lesson ? - page 6.

marky89

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Quote from: sandaq on August 06, 2016, 01:02:39 PM

They have run the perfect scam. First they take 60M from some people with a massive inside job theft, then they take another 60M from everybody with another theft, but this time, people are actually saying thank you.

To be fair, there was only one theft. The 36% haircut is accounting for that one theft. We just hadn't gotten any clarity on how customers would be affected yet.

I'm still unsure whether this was an inside job. It certainly could be, but that wouldn't necessarily mean all of Bitfinex is involved at all. Just one or two employees (or possibly BitGo employees).

sandaq

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They have run the perfect scam. First they take 60M from some people with a massive inside job theft, then they take another 60M from everybody with another theft, but this time, people are actually saying thank you.

illyiller

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Quote from: Herp on August 06, 2016, 12:54:43 PM

Quote from: illyiller on August 06, 2016, 12:51:18 PM

Quote from: socks435 on August 06, 2016, 12:34:22 PM

Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..

It's not good news. Everyone is taking a significant haircut on their funds. They are suggesting the offering of a security asset (which they are not authorized to do). And socializing losses this way is illegal for US customers. US customers (and others, but I only know US law) are considered bailors, and Bitfinex is now converting their bailments and paying out other customers with the proceeds. They have no right to do that, and they are about to enter a legal shitstorm as a result.

Every crypto that held an ICO should been a shitstorm if that were the case. It hasn't really happened until now. Regulators have their hands full with other stuff.

ICOs are generally run by fly-by-night unknowns. Not the case with Bitfinex, which has been established for years now as the highest volume USD exchange. There is no comparing this to shitcoin ICOs.

Also, ICOs tend to have a more distributed creditor base (many people buying small amounts). Bitfinex has some major, major whales, and it only takes one or two of them to make a major legal headache for Bitfinex.

Very different situation.

Cryptonitex

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Their all retarded, sorry to say. Those idiots who kept their BTC on exchanges kinda deserve to have their coins stolen.

Herp

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Quote from: illyiller on August 06, 2016, 12:51:18 PM

Quote from: socks435 on August 06, 2016, 12:34:22 PM

Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..

It's not good news. Everyone is taking a significant haircut on their funds. They are suggesting the offering of a security asset (which they are not authorized to do). And socializing losses this way is illegal for US customers. US customers (and others, but I only know US law) are considered bailors, and Bitfinex is now converting their bailments and paying out other customers with the proceeds. They have no right to do that, and they are about to enter a legal shitstorm as a result.

Every crypto that held an ICO should have been a shitstorm if that were the case. It hasn't really happened until now. Regulators have their hands full with other stuff.

illyiller

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Quote from: socks435 on August 06, 2016, 12:34:22 PM

Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..

It's not good news. Everyone is taking a significant haircut on their funds. They are suggesting the offering of a security asset (which they are not authorized to do). And socializing losses this way is illegal for US customers. US customers (and others, but I only know US law) are considered bailors, and Bitfinex is now converting their bailments and paying out other customers with the proceeds. They have no right to do that, and they are about to enter a legal shitstorm as a result.

socks435

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Quote from: OmegaStarScream on August 06, 2016, 12:14:24 PM

Another update from Bitfinex , guys :

Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..

illyiller

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Wow... they are now socializing losses to all asset holders. This is not a smart move for Bitfinex. Previously, all bitcoin wallets were segregated, so it was clear whose assets were stolen. Under bailment theory, that means Bitfinex must return assets to their rightful owners and consider assets lost as lost.

US law does not see this socialized loss scenario as valid. It's not like liquidation in bankruptcy, because this does not contemplate ranking of creditors. I smell litigation ensuing.

OmegaStarScream

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Another update from Bitfinex , guys :

virtualkeybuyer

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I have learned a bigger lesson, that I will not keep my bitcoin in any exchange, I were having a good amount in my exchange and I often think that I will transfer them to my wallet but because of lack of time it remained there for months, but now I am transferring them to wallet.

JessicaG

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Perhaps another question should be raised:

Why weren't there any alarm bells ringing or some fail-safes in place or at least some kind of auditing, when an amount like 120k BTC's were slushed out?

Though there are no details (yet) on the how and the why, but c'mon, when amounts like that are being transferred outside of an exchange... Pfff... Any reputable company should have a system in place that alerts it's employees and/or kicks in on suspicious actions/transactions, especially after lessons learned from the past. For that, the OP is definitely right: Haven't people still learned their lesson, likewise the same applies for exchangers Roll Eyes

Harph

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I don't understand, what is a "better BitFraudFinex"?
A BitFraudFinex that doesn't steal as often or as much, or one that defrauds more?
A BitFraudFinex that says they have insurance? BitGo
A BitFraudFinex that says they have multisig accounts?
A BitFraudFinex that says they have third party regulation?
A BitFraudFinex that has plausible excuses when they steal cryptocurrency?
A BitFraudFinex that looks trustworthy again?
A BitFraudFinex that people actually go to jail for fraud?
A BitFraudFinex that people know is a fraud scheme?
What would make BitFraudFinex better?

Sorry for my ignorance but I am confused and would like to understand what a better BitFraudFinex is.

mishra1994

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Thats really bad to hear so much popular exchanges can be hacked and users lossing their bitcoins from such a trusted exchange.First we hear about Mtgox and now bitfines.Ya a good lesson learnt that never hold our coins on any exchnge no matter how much trustable it can be.

Nimbulan

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Quote from: Klima on August 05, 2016, 12:53:17 PM

Quote from: bitdumper on August 05, 2016, 12:35:14 PM

i am not a trader and yet i do not trade my coins in any exchange but sometimes i trafer some coins in them just for educational purpose i just try to learn trading myself but after seing theis inncident traders will take much precautions.and by the way its there wapsite which i think first got hacked after that their wallet

Earn on bitcoin mining is one thing, trade has the ability to really have. Without the skills I would not have dared.

well first of all it doesnt require too much skills to be honest, besides that in my opinion traders will still do the same as they do margin trading usually

Herp

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Quote from: Pbitcoin on August 05, 2016, 12:38:17 PM

Quote from: Herp on August 05, 2016, 11:47:37 AM

It seems the exchange will reopen but customers stand to lose some of their BTC.

What news have you heard of them opening their doors for trading?
It is business as usual so soon? That is hard to believe because their exchange rate from all trackers are showing not trading and 0 of the bitcoin price. So I highly doubt they are back to business so close from the hack happened. No business can recover and have everything under control that fast unless it was in fact a planned attack and an inside job as many here have speculated that happened.

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Update
05 Aug 2016 at 12:09 AM (UTC) 10 Comments
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We are still working out the details so nothing is set in stone, however we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions. The numbers being quoted are erroneous as nothing has been decided as of yet and we are still in the process of settling positions and balances. More details are to follow tomorrow along with a FAQ answering most of the questions we have been asked over the past couple days.

http://blog.bitfinex.com/uncategorized/update/

randy8777

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Quote from: gentlemand on August 05, 2016, 12:16:09 PM

Quote from: randy8777 on August 05, 2016, 12:10:01 PM

even if bitfinex returns as a "better" exchange, people will do everything to avoid it. no one serious will keep using an exchange runned by incompetent rookies. traders will move to bitstamp or kraken.

Sadly I don't think this is the case. People are too addicted to margin trading and liquidity. Greed rules all even when it's interspersed with being raped as well. I hope they dwindle to nothing but I'm not holding my breath.

you have a valid point there. greed makes even the most experienced traders do things they will later regret. such an exchange should be punished and left instead of given a second chance. not everyone thinks like this unfortunately.

Klima

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Quote from: bitdumper on August 05, 2016, 12:35:14 PM

i am not a trader and yet i do not trade my coins in any exchange but sometimes i trafer some coins in them just for educational purpose i just try to learn trading myself but after seing theis inncident traders will take much precautions.and by the way its there wapsite which i think first got hacked after that their wallet

Earn on bitcoin mining is one thing, trade has the ability to really have. Without the skills I would not have dared.

Patatas

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Quote from: gentlemand on August 05, 2016, 12:16:09 PM

Quote from: randy8777 on August 05, 2016, 12:10:01 PM

even if bitfinex returns as a "better" exchange, people will do everything to avoid it. no one serious will keep using an exchange runned by incompetent rookies. traders will move to bitstamp or kraken.

Sadly I don't think this is the case. People are too addicted to margin trading and liquidity. Greed rules all even when it's interspersed with being raped as well. I hope they dwindle to nothing but I'm not holding my breath.

What's wrong with margin trading and liquidity ? You can't buy your everyday groceries with bitcoins,can you ?I don't think its the result of greed as you put it.Even if it is,a website's architecture should be strong enough to resist such attacks since people's are putting their damn savings in there.It's fault on their site,I don't think you should even open that website ever again.

universe_

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Quote from: gentlemand on August 05, 2016, 12:16:09 PM

Quote from: randy8777 on August 05, 2016, 12:10:01 PM

even if bitfinex returns as a "better" exchange, people will do everything to avoid it. no one serious will keep using an exchange runned by incompetent rookies. traders will move to bitstamp or kraken.

Sadly I don't think this is the case. People are too addicted to margin trading and liquidity. Greed rules all even when it's interspersed with being raped as well. I hope they dwindle to nothing but I'm not holding my breath.

thats true, a lot of people are making money out of trading so it would be dumb to just move your money in and out of the website though thats just my opinion

Pbitcoin

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Quote from: Herp on August 05, 2016, 11:47:37 AM

It seems the exchange will reopen but customers stand to lose some of their BTC.

What news have you heard of them opening their doors for trading?
It is business as usual so soon? That is hard to believe because their exchange rate from all trackers are showing not trading and 0 of the bitcoin price. So I highly doubt they are back to business so close from the hack happened. No business can recover and have everything under control that fast unless it was in fact a planned attack and an inside job as many here have speculated that happened.

Topic: [Bitfinex Hacked] So , learned the lesson ? - page 6. (Read 10601 times)