Bitfinex Might Compensate Clients With Shares for Stolen Bitcoin

Kong based Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term exchange Bitfinex has issued some very interesting updates regarding developments in handling the massive hacking that crashed the price of Bitcoin and it's way forward.

Take the lead from today’s leaders. FM London Summit, 14-15 November, 2016. Register here!

The exchange said it site will be back in operation in a day or two, albeit in a reduced capacity, so that users can at least log in and see their accounts. But if you were worried that your entire holding with Bitfinex might be gone, they have some comforting news for you - the exchange decided to "generalize" the loses by giving all clients a 36.067% haircut across the board to cover for the affected Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term wallets.

Additionally even the lost percentage might eventually be worth something as Bitfinex are crediting a token (labeled BFX) to record each wallet’s discrete losses which will be distributed to clients without release or waiver. The tokens will remain outstanding until redeemed in full by Bitfinex or possibly exchanged, upon the creditor’s request and Bitfinex’s acceptance, for shares of iFinex Inc - the BVI company which owns and operates Bitfinex. They caution: "We are actively discussing various strategic options with numerous potential investors as part of our strategy to fully compensate our customers. Such discussions, however, are in early stages and will likely take time to play out."

The legal basis allowing for this approach has not been explained yet by Bitfinex but with the amounts of money involved and the negative responses by some in cryptocurrency community forums it is likely they will have to explain the issue in a court or to a financial regulator at some point in the future.