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Bitcoin price is gradually approaching $600 (Bitstamp) as the chart’s momentum indicators show ongoing compensation for last week’s strong sell-off. Could advance continue immediately? Possibly, but with a few obstacles to consider. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now. Bitcoin Price Analysis […]

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With bitcoin mining becoming less profitable, one recipient of excess hashpower is Peercoin, a lesser-known digital currency.

With bitcoin mining becoming less profitable, one recipient of excess hashpower is Peercoin, a lesser-known digital currency.

International Businesses Machines (IBM), an employer of half a million with a yearly revenue of more than $80 billion, has shared an infographic which states that the industrial internet of things is the next economic revolution. According to the IoT infographic, low-cost sensors, and long range wireless technology have combined to give rise to intelligent […]

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The recent bitcoin exchange hack underscores the vulnerability of bitcoin exchanges, an issue that needs to be addressed if bitcoin is to gain a larger following, according to Megan McArdle, a Bloomberg columnist. (McArdle most likely referred to Bitfinex.)  Safeguards have been considered, such as a virtual “exploding dye pack”, but it remains to be seen if […]

The post Recent Exchange Hack Calls For Better Safeguards For Bitcoin appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

By Clare Baldwin

HONG KONG (Reuters) - Crypto-currency exchange Bitfinex, which lost $72 million to hackers last week, told customers on Sunday they would lose just over 36 percent of the assets they had on the platform but would be compensated for these losses with tokens of credit.

The Hong Kong-based exchange said losses from the theft would be shared, or "generalized", across all the company's clients and assets, widening the group of those affected announced last week.

"This is the closest approximation to what would happen in a liquidation context," Bitfinex said on its website early on Sunday.

"Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067 percent."

The company said it would also give all affected clients a "BFX" token crediting their losses that could be redeemed by the exchange or for shares in iFinex, the exchange's parent company.

Bitfinex said it would explain its methodology in a later update and that it was talking to investors about how to fully compensate its customers.

Hackers stole 119,756 bitcoin from Bitfinex last week in the second-biggest breach of a crypto-currency exchange ever, in U.S. dollar terms. The hack accounted for about 0.75 percent of all bitcoins in circulation.

The exchange is the world's largest for trading digital currencies such as bitcoin, litecoin and ether, and is used for its deep liquidity in U.S. dollar/bitcoin trades.

It is still not clear how the hackers gained access to the company's customer accounts.

However, both Bitfinex and outside experts have dismissed suggestions the breach was due to the security of the blockchain, the decentralized ledger that tracks every bitcoin transaction, and which traditional banks are considering adopting to increase the speed and transparency of their transactions.

Bitfinex said last week it expected to "socialize" its losses across bitcoin balances and active loans to bitcoin/U.S. dollar positions. Its statement on Sunday, however, indicated a wider application of the losses to all accounts, which also include other digital currencies.

On Sunday, it said customers should be able to log on to its platform within the next 24 to 48 hours.

Blockchain analysis company Chainalysis separately confirmed to Reuters that it is helping track the stolen bitcoins.

(Reporting by Clare Baldwin; Editing by Sam Holmes)

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By Clare Baldwin

HONG KONG (Reuters) - Crypto-currency exchange Bitfinex, which lost $72 million to hackers last week, told customers on Sunday they would lose just over 36 percent of the assets they had on the platform but would be compensated for these losses with tokens of credit.

The Hong Kong-based exchange said losses from the theft would be shared, or "generalized", across all the company's clients and assets, widening the group of those affected announced last week.

"This is the closest approximation to what would happen in a liquidation context," Bitfinex said on its website early on Sunday.

"Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067 percent."

The company said it would also give all affected clients a "BFX" token crediting their losses that could be redeemed by the exchange or for shares in iFinex, the exchange's parent company.

Bitfinex said it would explain its methodology in a later update and that it was talking to investors about how to fully compensate its customers.

Hackers stole 119,756 bitcoin from Bitfinex last week in the second-biggest breach of a crypto-currency exchange ever, in U.S. dollar terms. The hack accounted for about 0.75 percent of all bitcoins in circulation.

The exchange is the world's largest for trading digital currencies such as bitcoin, litecoin and ether, and is used for its deep liquidity in U.S. dollar/bitcoin trades.

It is still not clear how the hackers gained access to the company's customer accounts.

However, both Bitfinex and outside experts have dismissed suggestions the breach was due to the security of the blockchain, the decentralized ledger that tracks every bitcoin transaction, and which traditional banks are considering adopting to increase the speed and transparency of their transactions.

Bitfinex said last week it expected to "socialize" its losses across bitcoin balances and active loans to bitcoin/U.S. dollar positions. Its statement on Sunday, however, indicated a wider application of the losses to all accounts, which also include other digital currencies.

On Sunday, it said customers should be able to log on to its platform within the next 24 to 48 hours.

Blockchain analysis company Chainalysis separately confirmed to Reuters that it is helping track the stolen bitcoins.

(Reporting by Clare Baldwin; Editing by Sam Holmes)

Join the conversation about this story »

The schadenfreude of Bitcoin enthusiasts over Ethereum’s recent troubles ended abruptly last week. A major Bitcoin exchange, Bitfinex, was hacked and nearly 120,000 BTC (around $60m) was stolen. The price of Bitcoin promptly crashed, and Bitfinex was forced to suspend trading. Suddenly, Ethereum was not the only basket case cryptocurrency around.

Once the "silver to bitcoin's gold", the developers behind long-running digital currency litecoin are seeking to reestablish its market position.

Once the "silver to bitcoin's gold", the developers behind long-running digital currency litecoin are seeking to reestablish its market position.