How Bitfinex Came Back From a $69M Bitcoin Theft. – Bitcoints


Published on May 19th, 2017 | by bitcoin


How Bitfinex Came Back From a $69M Bitcoin Theft.

The exchange posted its most profitable month and claimed its spot as the largest bitcoin venue for U.S. dollar trading.
Assuming the strategy doesn’t unravel down the road, Bitfinex may prove to be a valuable template for how the bitcoin community deals with a crisis in the future.
While the exchange succeeded in protecting U.S. dollar and other currency deposits, by the time they could block access, thieves had walked away with about 57 percent of bitcoin deposits.
Even though some people’s bitcoin weren’t stolen, the exchange had a margin lending system that affected almost everyone.
A bitcoin rally that began last year, with prices more than doubling since August, also lifted market turnover.


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