Hackers target Bitcoin Exchange BitFinex’ Hot Wallet

Reportedly BitFinex was hacked but due to strict security measures implementation just minimal amount was lost.

BitFinex keeps more than 99.5% of deposits from its customers in highly secure multisig wallets therefore just 0.5% loss was suffered by the Exchange.

BitFinex basically is digital currency trading forum that is currently said to be in its testing phase or beta phase. However, they have spent a considerable amount of time in the market now.


This is why a notable amount of trading has been done by BitFinex and it is regarded as one of the leading digital currency exchange, the company said on its website.

Reportedly, the Hot Wallet keys were compromised and the firm has asked its customers to stop depositing cryptocurrency on their designated addresses.

Currently, the firm is in the process of developing a more secure hot wallet.

As for the users of BitFinex Hot Wallet, it is recommended that they refrain from creating new addresses and depositing cryptocurrency. It is also made clear that customers don’t need to panic or fear about losses because all the accounts were unaffected.

When asked about the details this is what BitFinex had to say:

“The investigation is ongoing, but the amounts in question are relatively small and easily absorbed by Bitfinex. We are working expeditiously to return operations to normal and we will make a more complete disclosure in the coming hours. We have protocols in place for dealing with such compromises and our real-time detection systems performed as expected. We store over 99.5% of our customer assets in music wallets, which remain secure. We thank the community for their patience as we deal with this unfortunate incident.”

Bitcoin exchanges are always under attack. In past, a Bitcoin & Altcoin exchange ‘Cryptoine’ was hacked. A Chinese China-based Bitcoin Exchange Bter was also hacked in February 2015 where hackers were able to steal $1.75 Million in Bitcoin.

So if you are operating a Bitcoin exchange make sure to patch existing vulnerabilities.

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