BITFINEX BỊ HACK

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More than $60m worth of bitcoin was stolen from one of the world’s largest digital currency exchanges yesterday, and nearly 24 hours later, the sự kiện is still shrouded in mystery.Quý khách hàng đã xem: Bitfinex bị hack

What is clear, though, is that the impact is far-reaching.

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The Bitfinex theft represents the largest loss of bitcoins by an exchange since Japan’s infamous Mt Gox lost 744,408 BTC in early 2014 (worth $350m), a breach that would ultimately cause it to lớn cease operations.

At press time, the value of the 119,756 BTC stolen from Bitfinex stands at roughly $66m, or about 18% of what was lost by Mt Gox.

Given the kích thước, the theft has sparked confusion & frustration ahy vọng market traders & observers since it was announced.

Sources cthua trận to lớn the exchange have sầu largely avoided offering bình luận on whether the 119,756 BTC stolen represents the full extent of the hachồng, & Bitfinex itself has yet khổng lồ publish any findings from its ongoing internal investigation.

Here’s what we know (& what we don’t know) so far:

What we know

Multi-signature accounts were impacted

The source of the vulnerability appears to lie in how Bitfinex structured its accounts và its use of bitcoin wallet provider BitGo as an additional layer of security on customer transactions.

Announced in năm ngoái, Bitfinex and BitGo created a system whereby multi-signature wallets, those where keys are divided among a number of owners khổng lồ manage risk, would be provided to each customer.

The exchange declared at the time:

“The era of commingling customer bitcoin and all of the associated security exposures is over.”

As referenced in the quote, the companies sought lớn find an alternative sầu to the standard process used by exchanges at the time that saw customer funds co-mingled in larger offline wallets and connected or “hot” wallets used to lớn meet liquidity demands.

Rather, each Bitfinex user has their own mix of keys created on the platsize, using a 2-of-3 key arrangement whereby Bitfinex held two of the keys (including one offline) & BitGo used the third khổng lồ co-sign transactions.

In order lớn withdraw such a large amount of funds, BitGo would likely have had to sign off on those transactions.

Bitfinex customer losses significant

While the full extent of customer losses on an individual basis is unclear, signs indicate a significant subset of the bitcoin trading community was impacted.

In the hours following the news, community members took to lớn Twitter và Reddit khổng lồ report that their accounts had been drained.

Some users expressed exasperation despite having security measures lượt thích two-factor authentication in place, in which secondary devices (lượt thích a Mobile phone) are used khổng lồ provide an additional passkey layer.

On the other hand, funds transferred lớn the exchange following the hachồng are said to lớn be secure, but the exchange has yet lớn release details on both when và how withdrawals will be managed.

Bitcoin prices have sầu fallen sharply

One of the most direct impacts of the Bitfinex haông chồng could be seen in the price of bitcoin, which plunged after the news broke.

Prices fell by nearly 20%, tumbling as low as $480 USD before recovering.


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At press time, the price of bitcoin is approximately $552, according lớn the phunutiepthi.vn Bitcoin USD Price Index, up roughly $70 from yesterday’s low.

Bitfinex remains offline

Alos at press time, Bitfinex remains offline, with its message announcing the hack still visible to lớn users.

Statements from Bitfines suggest that the company is looking to initially bring the site online so that users can kiểm tra their balances and determine whether their accounts have been drained.

What we don’t know

Who is khổng lồ blame?

Given the amount of money involved, many in the community have been searching for a scapegoat.

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Yet despite the assurances, some observers have sầu blamed the service for “blindly signing” the withdrawal of nearly 1đôi mươi,000 BTC & wondered why no potential countermeasures were in place in the event of a movement of funds of that kích cỡ.

With 30-day transaction volumes just above 600,000 BTC, the haông xã was roughly one-sixth of the kích cỡ of the exchange’s monthly orders.

When will fiat funds be accessible?

One prevailing question among muốn customers is the status of deposits not denominated in bitcoin. Since the haông xã was first revealed, Bitfinex stated that only its bitcoin holdings were impacted.

More than a few customers are now taking lớn social truyền thông media to ask when they’ll be able to lớn access or withdraw those funds.

Answers may be coming soon, however. Representative sầu Zane Tackett, who has been responding to lớn queries via social truyền thông media since the incident first came lớn light, said that more updates are forthcoming.

Were other exchanges impacted?

Other market observers were quick to speculate on whether the outage could lead khổng lồ complications at other exchanges that may have sầu been using Bitfinex as a source of liquidity.

It is known that Bitfinex did offer an API & that it was at one time used by exchanges, though the primary over markets appeared to be brokers và traders.

Such an issue was exposed by a haông chồng at Bitstamp in early 2015, when exchanges, merchants and ATM providers connected to the exchange experienced a notable disruption.

At press time, it’s unclear if any smaller exchanges were impacted, and smaller exchanges contacted by phunutiepthi.vn reported no disruptions.

In statements khổng lồ phunutiepthi.vn, however, exchanges Kraken và Bitstamp indicated that their approaches to implementing BitGo’s multisig công nghệ differed from that of Bitfinex.

“For now I can already say that Bitstamp’s implementation of BitGo’s MultiSig công nghệ is fundamentally different from the one at Bitfinex,” Vasja Zupan, head of business development for Bitstamp, told phunutiepthi.vn.

In an gmail, Kraken CEO Jesse Powell said that while he couldn’t offer details on the exchange’s security measures, he remarked that “we’re confident in our configuration” in light of the Bitfinex breach.

Is BitGo’s business model at risk?

Whether BitGo is deemed at fault, it may be losing the battle of public opinion.

Sources suggest BitGo’s business mã sản phẩm was primarily based on charging enterprise clients for services, và that bitcoin exchanges were the company’s primary target market.

One major exchange representative said that the incident had raised issues with the multi-sig security Model & that further rollout was likely be delayed as a result of the breach.

Yet statements from exchanges about the viability of their own BitGo implementations suggest that at least some of the service’s customers aren’t looking lớn make any changes, at least for now.

Is the CFTC lớn blame?

Bitfinex settled with the US Commodity Futures Trading Commission (CFTC) earlier this year over alleged trading violations, paying a $75,000 settlement while neither admitting or denying the charges.

At issue, the CFTC said at the time, was how the exchange held control of bitcoin private keys tied lớn user funds connected to lớn financed trading. The agency’s view was that these bitcoins weren’t actually “delivered” following the purchase of them, but rather remained under the control of Bitfinex.

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Press materials from last year also indicate that Bitfinex’s relationship with BitGo predates the CFTC’s investigation.

Image via Shutterstock

Disclosure: phunutiepthi.vn is a subsidiary of Digital Currency Group, which has an ownership stake in BitGo.