In my view this was the only way to handle the situation. If trading would not have been stopped and the trades rolled back, we would have seen a huge crash, due to increasing margin calls. In addition this would have caused massive losses on the lending side. Trust would have been destroyed. Given this was malicious, they acted correctly.
Well done Bitfinex for acting quickly
Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 276. (Read 723903 times)
February 06, 2014, 06:43:29 AM
February 06, 2014, 06:42:52 AM
just a hard working team trying to keep a system up and
running, if you know of a better platform name it.
Well said - they're a small team and right now they'll be updating, testing and reccing like crazy. No spare capacity for comms - which is unfortunate, but hey. (though personally in this scenario i'd make siure i had a freelance PR dude on call, but thats only just occurred to me)
February 06, 2014, 06:38:28 AM
Dang it. They rolled back trades I made in exchange mode. This sucks, what if someone just sold to sleep in fiat, and now will wake up see everything is rolled back and price is god knows where? This is beyond ridiculous.
A rollback is the only option, or would you rather have people default?
February 06, 2014, 06:36:37 AM
Are they going to undo absolutely all of the trades for the time period in question?
From what I saw during the "hiccup", most/a lot of trades were made in the right range.
P.S.
Oh, you are such a selfish ass, aren't you? GFY...
From what I saw during the "hiccup", most/a lot of trades were made in the right range.
P.S.
Quote
You are joking me right?
What about the shorts I took in LTC/USD more than 2 days ago that where giving me plenty of profit? You are stealing that money from me!
You screw up! A situation that went on for more than 5h, from morning to noon in Hong Kong, where your service resides and no one of your team did anything. Too busy doing what? Partying, sleeping?
You run an exchange that moves millions every day and you don't pay attention for 5h? Are you joking me?
I want my money back. You have bank accounts in European Union and I'm taking you to a court of law in here!
What about the shorts I took in LTC/USD more than 2 days ago that where giving me plenty of profit? You are stealing that money from me!
You screw up! A situation that went on for more than 5h, from morning to noon in Hong Kong, where your service resides and no one of your team did anything. Too busy doing what? Partying, sleeping?
You run an exchange that moves millions every day and you don't pay attention for 5h? Are you joking me?
I want my money back. You have bank accounts in European Union and I'm taking you to a court of law in here!
Oh, you are such a selfish ass, aren't you? GFY...
I'm the selfish one? I don't see them working for free I was paying this bunch every time I used their service. This is a business not a party house.
These guys make millions of USD every months from the fees of users like me. They can't just come here and say: Ei, there was this rat you see, so now we are canceling everything.
Cost of doing business. Own up to your mistakes and pay the people you screwed with this.
Revenue and Profit are two different animals,
I doubt very seriously they are making "Millions"
as you put it in profit with the low fees they
charge, otherwise they've would have paid for
MetaTrader for us to use by now, just a hard
working team trying to keep a system up and
running, if you know of a better platform name
it.
There is Kraken.com that has some really innovative
order options, but unfortunately they don't have the
USD volume which in hand has cause them to
put their margin / leverage on hold, other than that
I'd say BitFinex is about as close to perfect that
we can get, connecting a debit card to our deposit
wallet for ease of access to funds thus eliminating the need
for so many wire transfers would be nice, but then
so would "World Peace", oh well,
February 06, 2014, 06:32:29 AM
Dang it. They rolled back trades I made in exchange mode. This sucks, what if someone just sold to sleep in fiat, and now will wake up see everything is rolled back and price is god knows where? This is beyond ridiculous.
February 06, 2014, 06:15:37 AM
Are they going to undo absolutely all of the trades for the time period in question?
From what I saw during the "hiccup", most/a lot of trades were made in the right range.
P.S.
Oh, you are such a selfish ass, aren't you? GFY...
From what I saw during the "hiccup", most/a lot of trades were made in the right range.
P.S.
Quote
You are joking me right?
What about the shorts I took in LTC/USD more than 2 days ago that where giving me plenty of profit? You are stealing that money from me!
You screw up! A situation that went on for more than 5h, from morning to noon in Hong Kong, where your service resides and no one of your team did anything. Too busy doing what? Partying, sleeping?
You run an exchange that moves millions every day and you don't pay attention for 5h? Are you joking me?
I want my money back. You have bank accounts in European Union and I'm taking you to a court of law in here!
What about the shorts I took in LTC/USD more than 2 days ago that where giving me plenty of profit? You are stealing that money from me!
You screw up! A situation that went on for more than 5h, from morning to noon in Hong Kong, where your service resides and no one of your team did anything. Too busy doing what? Partying, sleeping?
You run an exchange that moves millions every day and you don't pay attention for 5h? Are you joking me?
I want my money back. You have bank accounts in European Union and I'm taking you to a court of law in here!
Oh, you are such a selfish ass, aren't you? GFY...
February 06, 2014, 06:10:22 AM
It would be very nice to see these announcements on the bitfinex page in a format more like,
"Dear Customers,
At 12345 GMT+1 several malicious orders were placed on bitfinex with the attempt of manipulating ticker prices. This was detected at 34567 GMT+1 and trading was halted due to the issues this caused. Your money is safe. These orders got through because they exploited (some awesome roll-over bug).... We have updated the trading platform, and fixed the malicious trades. Trading is resumed as of 55667 GMT+1 and we continue to closely monitor the situation."
Instead of
"the situation is under control"
What the flip kind of opening statement is that? What about the "average joes" who weren't aware there was a problem in the first place? That sounds like the first line of a post-terrorist attack government speech and 3000 people just died.
Seriously guys, get a native english speaker writing your press releases -- it will increase your credibility 10-fold.
"Dear Customers,
At 12345 GMT+1 several malicious orders were placed on bitfinex with the attempt of manipulating ticker prices. This was detected at 34567 GMT+1 and trading was halted due to the issues this caused. Your money is safe. These orders got through because they exploited (some awesome roll-over bug).... We have updated the trading platform, and fixed the malicious trades. Trading is resumed as of 55667 GMT+1 and we continue to closely monitor the situation."
Instead of
"the situation is under control"
What the flip kind of opening statement is that? What about the "average joes" who weren't aware there was a problem in the first place? That sounds like the first line of a post-terrorist attack government speech and 3000 people just died.
Seriously guys, get a native english speaker writing your press releases -- it will increase your credibility 10-fold.
February 06, 2014, 06:09:59 AM
I see trades being executed.
That's interesting. I see the fake bids of 829 and 10,000 is gone and the 500 fake offer too. Right now trading seems to have resumed and normalised. Maybe we don't need a rollback?
My balance and position are still all fucked up. And I have a withdrawal in limbo.
Do you have a negative trade balance? Can you post a screenshot?
Hmm. It seems back to normal now. I think, eyeballing it anyway. Nothing rolled back. I'm not complaining -- I made a few thousand bucks in a few seconds there -- but an announcement from Bitfinex would be nice. And I'd be pretty pissed if I had stops that triggered because of this hack.
Withdrawal in limbo -- but then again, their hot wallet would be empty, wouldn't it?
Edit: Did trading freeze again?
hmmm my usd balance was wrong a few hours ago - then briefly correct, now i'm into work and checking again and its wrong. Does anyone know if they're working on this - I can't see any announcements on the bf site.
Yes. An announcement has been made by Bitfinex. See a few posts above.
Ah thought that was a cut n paste, just realised that was straight from the horses mouth. I'm a bit slow! thanks
February 06, 2014, 06:08:35 AM
Thanks for the update above Giancarlo, though it seemed forever in coming. Perhaps once it is all sorted and you have more time, you could elaborate on the event and suggest how this system vulnerability will be rectified going forward.
Thanks and regards.
Thanks and regards.
February 06, 2014, 06:01:36 AM
Thank you Giancarlo for the update.
February 06, 2014, 05:46:48 AM
I see trades being executed.
That's interesting. I see the fake bids of 829 and 10,000 is gone and the 500 fake offer too. Right now trading seems to have resumed and normalised. Maybe we don't need a rollback?
My balance and position are still all fucked up. And I have a withdrawal in limbo.
Do you have a negative trade balance? Can you post a screenshot?
Hmm. It seems back to normal now. I think, eyeballing it anyway. Nothing rolled back. I'm not complaining -- I made a few thousand bucks in a few seconds there -- but an announcement from Bitfinex would be nice. And I'd be pretty pissed if I had stops that triggered because of this hack.
Withdrawal in limbo -- but then again, their hot wallet would be empty, wouldn't it?
Edit: Did trading freeze again?
hmmm my usd balance was wrong a few hours ago - then briefly correct, now i'm into work and checking again and its wrong. Does anyone know if they're working on this - I can't see any announcements on the bf site.
Yes. An announcement has been made by Bitfinex. See a few posts above.
February 06, 2014, 05:41:55 AM
I see trades being executed.
That's interesting. I see the fake bids of 829 and 10,000 is gone and the 500 fake offer too. Right now trading seems to have resumed and normalised. Maybe we don't need a rollback?
My balance and position are still all fucked up. And I have a withdrawal in limbo.
Do you have a negative trade balance? Can you post a screenshot?
Hmm. It seems back to normal now. I think, eyeballing it anyway. Nothing rolled back. I'm not complaining -- I made a few thousand bucks in a few seconds there -- but an announcement from Bitfinex would be nice. And I'd be pretty pissed if I had stops that triggered because of this hack.
Withdrawal in limbo -- but then again, their hot wallet would be empty, wouldn't it?
Edit: Did trading freeze again?
hmmm my usd balance was wrong a few hours ago - then briefly correct, now i'm into work and checking again and its wrong. Does anyone know if they're working on this - I can't see any announcements on the bf site.
February 06, 2014, 05:40:42 AM
That seems like the wise thing to do, thanks for informing us.
I have confidence in you and your team will solve this matter.
I have confidence in you and your team will solve this matter.
February 06, 2014, 05:34:50 AM
Dear Customers
the situation is under control.
No money or coins are missing and the problem was due to some malicious trader trying to play with the LTC ticker price in order to take advantage on us.
We are now reversing all transactions that took place on our platform during the time when all got messy (approx 7 a.m. GMT).
Very few transactions (for a total of 2,000 btc) actually took place on Bitstamp, only limited to the BTC/USD pair (Bitstamp doesn't trade LTC) and they actually took place at a price that was around 750 usd, so no big deal.
We enabled the trading engine for a few minutes and then switched it off again to avoid those rats (sorry I cannot think of a better word in this moment) to shuffle things even more and to make our work more difficult.
We keep an eye on the price and we can always enable it in the next minutes whilst we reverse trades that took advantage of the abnormality should the price get volatile.
The whole operation will not take anyway more than one hour.
Thanks a lot for your understanding and we deeply apologize for the inconvenience
Giancarlo
Bitfinex Team
the situation is under control.
No money or coins are missing and the problem was due to some malicious trader trying to play with the LTC ticker price in order to take advantage on us.
We are now reversing all transactions that took place on our platform during the time when all got messy (approx 7 a.m. GMT).
Very few transactions (for a total of 2,000 btc) actually took place on Bitstamp, only limited to the BTC/USD pair (Bitstamp doesn't trade LTC) and they actually took place at a price that was around 750 usd, so no big deal.
We enabled the trading engine for a few minutes and then switched it off again to avoid those rats (sorry I cannot think of a better word in this moment) to shuffle things even more and to make our work more difficult.
We keep an eye on the price and we can always enable it in the next minutes whilst we reverse trades that took advantage of the abnormality should the price get volatile.
The whole operation will not take anyway more than one hour.
Thanks a lot for your understanding and we deeply apologize for the inconvenience
Giancarlo
Bitfinex Team
February 06, 2014, 05:02:28 AM
I see trades being executed.
That's interesting. I see the fake bids of 829 and 10,000 is gone and the 500 fake offer too. Right now trading seems to have resumed and normalised. Maybe we don't need a rollback?
My balance and position are still all fucked up. And I have a withdrawal in limbo.
Do you have a negative trade balance? Can you post a screenshot?
Hmm. It seems back to normal now. I think, eyeballing it anyway. Nothing rolled back. I'm not complaining -- I made a few thousand bucks in a few seconds there -- but an announcement from Bitfinex would be nice. And I'd be pretty pissed if I had stops that triggered because of this hack.
Withdrawal in limbo -- but then again, their hot wallet would be empty, wouldn't it?
Edit: Did trading freeze again?
February 06, 2014, 04:55:22 AM
Maybe we don't need a rollback?
All my trades are rolled back... February 06, 2014, 04:41:12 AM
The fact that this is possible means…..
Is your trading balance still negative?
February 06, 2014, 04:39:47 AM
I see trades being executed.
That's interesting. I see the fake bids of 829 and 10,000 is gone and the 500 fake offer too. Right now trading seems to have resumed and normalised. Maybe we don't need a rollback?
My balance and position are still all fucked up. And I have a withdrawal in limbo.
Do you have a negative trade balance? Can you post a screenshot?
February 06, 2014, 04:37:52 AM
Let´s hope for the best. At least someone is definitely working hard on it, removing the fake orders and so on.
February 06, 2014, 04:35:03 AM
Trading works again, for me at least. The strange 10k+ asks (LTC) have been removed.
Jump to: