Bitfinex estimated losses: all users will lose 36% of funds

in #bitcoin8 years ago


Exchange Administration Bitfinex, with a August 2 were kidnapped nearly 120,000 BTC, issued a strategy for the recovery operation and damages. Of course, such a loss market is not able to cover from its own funds, but it is the closure of the question.
As previously reported, the exchange's management decided to summarize the loss, no matter how many lost each particular user. Hacker had been stolen only Bitcoins rest fiatnye cryptocurrency and remained in the accounts in full. However, after the final calculation of damages "after long discussions" Exchange decided to deduct from the balance of the accounts of all users in all currencies 36,067% of the funds. All calculations and the conversion will be made using the exchange rates at the time of stopping the auction (21:00 GMT August 2, 2016). In this figure, you can roughly determine the real exchange capitalization.
Within 48 hours of the publication of the announcement (August 6th 19:00 Moscow time), Exchange services will run in restricted mode. Customers will be able to log into their accounts and check account balances. About the time of the launch of trade and withdraw funds normally not reported. the ads will be done about it.
damages Strategy Bitfinex

Then the fun begins. Despite the huge financial and reputational loss, Bitfinex no plans to close and promises to reimburse customers their losses. To do this, "negotiations with a lot of potential investors." However, to pay damages of $ 70 million will be a very difficult task.
Now Bitfinex will give all customers an analogue of "IOUs" in the form of digital tokens BFX an amount equivalent to the lost funds. They will be automatically credited to the accounts of all users without any issues and evidence. Each token is an individual, and its price will be equal to the debt exchange to the customer.
These tokens will be valid until such time until they are fully paid by the exchange. Also, they can be exchanged for shares in the company iFinex Inc upon request. It is not known whether it will be possible to renew these tokens to another person (ie sell Bitfinex debts).
Other details on the repayment of debt strategy and progress of the investigation to find the hacker and stolen Bitcoins, is currently unknown. In the coming days, market is going to publish more detailed plans.
Bitfinex be back?

Now we can only note that the actions Bitfinex management significantly different from how others behaved owners of failed exchanges. It does not conceal burglary and huge losses to the end and immediately announced that the amount of losses and their plans for their compensation.
Also, Exchange clients lost their money is not everything, as Cryptsy and MtGox (except for those who had their lead to losses in the last few weeks Move the collapse), but "only" a little more than 36%. The remaining 64% is expected to soon become available for trade or output.
Such a strategy can give a chance to restore Exchange if they can convince their customers and the community to ensure the security of its platform after the break and the transition to a more reliable storage mechanisms kriptovalyutnyh deposits.

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