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Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 277. (Read 723903 times)

member
Activity: 110
Merit: 10
Of course they don't store a huge sum in a hotwallet.

They can rollback LTC trading, hoping they can rollback BTC aswel (ofcourse stamp is a problem).


Well, consider whatever amount withdrawn lost.
They cannot roll back the trades of LTC that have been withdrawn.

Bitfinex will most likely cover these losses so no need for us to worry.
My worry is what kind of time frame we may be looking at..... any guesses?

Hopefully no more than a few days. When Gox had their problem, they intially said that trades would be rolled back and trading resumed the following day. However there was also a database leak of all customers usernames, email addresses and hashed passwords at the time, which meant that Gox had no choice but to take the site down and customers had to claim their accounts through a verification process and change their passwords to a secure one. The lengthy process in verifying thousands of accounts meant that trading didn't resume until one week later.

In the case of Bitfinex, it seems there hasn't been any database leaks, so an accounts claims process is probably not needed. But some security issues or bugs within the site may have to be addressed first before normal trading can resume. I am guessing that the recent upgrades to the site in the last week had caused a bug/security vulnerability.

Hopefully we will get a statement from Bitfinex soon.
hero member
Activity: 784
Merit: 1000


The fact that this is possible means…..
member
Activity: 110
Merit: 10
Of course they don't store a huge sum in a hotwallet.

They can rollback LTC trading, hoping they can rollback BTC aswel (ofcourse stamp is a problem).


Well, consider whatever amount withdrawn lost.
They cannot roll back the trades of LTC that have been withdrawn.

Bitfinex will most likely cover these losses so no need for us to worry.
member
Activity: 110
Merit: 10
Its more of a matter of how much LTC is in their hot wallet. Minimal trading was done in BTC over the "buggy period"… 175,000 LTC was traded, which is more than the usual 10K daily volume

Which proves that someone was most likely using the BTC price to manipulate loan amounts and profit in LTC trading.

It wouldn't matter if all trades and loans during the period get rolled back.
member
Activity: 110
Merit: 10
I had a great position after a standing order I had at $685 for weeks was just hit. They just deleted that position!

I guess rollback is a good idea but the problem is all the crosstrading with bitstamp. They are going to have a tough time sorting that out without having to eat some lossess themselves.



It didn't seem like many of the orders actually hit Bitstamp.

I second this. I was watching Bitstamps trades on Bitcoinwisdom at the time and seemed unaffected by the Bitfinex trades. The huge difference in volumes at the time suggests almost all the trades were matched within Bitfinex's own internal orderbook.
hero member
Activity: 784
Merit: 1000
Of course they don't store a huge sum in a hotwallet.

They can rollback LTC trading, hoping they can rollback BTC aswel (ofcourse stamp is a problem).


Well, consider whatever amount withdrawn lost.
They cannot roll back the trades of LTC that have been withdrawn.
sr. member
Activity: 308
Merit: 250
Of course they don't store a huge sum in a hotwallet.

They can rollback LTC trading, hoping they can rollback BTC aswel (ofcourse stamp is a problem).
hero member
Activity: 784
Merit: 1000
Its more of a matter of how much LTC is in their hot wallet. Minimal trading was done in BTC over the "buggy period"… 175,000 LTC was traded, which is more than the usual 10K daily volume

Which proves that someone was most likely using the BTC price to manipulate loan amounts and profit in LTC trading.
legendary
Activity: 1428
Merit: 1000
Trading resumed.
Are balances back to normal?

cant second this, public trade history is null

I just saw loans being taken and thought its been resumed. My mistake.
hero member
Activity: 728
Merit: 500
I had a great position after a standing order I had at $685 for weeks was just hit. They just deleted that position!

I guess rollback is a good idea but the problem is all the crosstrading with bitstamp. They are going to have a tough time sorting that out without having to eat some lossess themselves.

sr. member
Activity: 288
Merit: 250
ManualMiner
Trading resumed.
Are balances back to normal?

cant second this, public trade history is null
sr. member
Activity: 288
Merit: 250
ManualMiner
in the bitfinex description it states that only a limited amount of btc is on the hot wallet and if withdrawals are larger than that they have to manually transfer btc from the cold wallet, so i wouldnt worry too much
legendary
Activity: 1428
Merit: 1000
Trading resumed.
Are balances back to normal?
legendary
Activity: 1330
Merit: 1000
fk that i made my money fair & square, i wasnt part of any manipulation, just got in a few decent trades for a few hundred bucks. i missed the crazy action & made money based on gox going down
legendary
Activity: 1428
Merit: 1000
All i can say is allowing automatic withdrawals of coins is very bad for a complicated trading system that is updated regularly prone to glitches/bugs/exploits.
Put a small threshold for automatic withdrawal per account for ease of use, then above that withdrawals should be processed manually.
newbie
Activity: 6
Merit: 0

BITFINEX SUPPORT.   I AM SEEING NUMEROUS REPORTS IN IRC THAT P/L NUMBERS ARE NOT CORRECT FOR CUSTOMERS (myself included).




can you please be so kind to let me know the channels you are using in IRC for BFX news?


this. and markets seem to be making moves now.
member
Activity: 110
Merit: 10
Thank god it's frozen now. I dunno what Bitfinex team can now as the damage has been done. If they can rollback then that's the best option.

What they do next is what will define them in this market. Let's wait and see.

The only damage would be how many bitcoins/litecoins were withdrawn during the attack. When Gox was attacked, approx. 2,000 bitcoins were withdrawn. Gox covered the losses out of their own pocket. (It was small change to Gox at the time).

I highly doubt Bitfinex keeps more than a few hundred bitcoins at a time in a hotwallet. Also, large withdrawals have to be processed manually.
newbie
Activity: 22
Merit: 0

BITFINEX SUPPORT.   I AM SEEING NUMEROUS REPORTS IN IRC THAT P/L NUMBERS ARE NOT CORRECT FOR CUSTOMERS (myself included).


can you please be so kind to let me know the channels you are using in IRC for BFX news?
hero member
Activity: 784
Merit: 1000
wtf is going on.


seems like all trading has halted now though https://www.bitfinex.com/pages/public_log


What did you expect?
Market has to be halted and balances updated.

Are Btc and LTC withdrawals automatic? Raphael should make those  manual for added security in case of glitch like that.

They are automatic once you confirm through an email, hits the chain the second after.
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