One of the world's most popular exchanges of the cryptocurrency has suffered a major hack, leading to a loss of around $72 Million worth of Bitcoins.
Hong Kong-based Bitcoin exchange 'Bitfinex' has posted a note on their website announcing the shutdown of its operation after discovering a security breach that allowed an attacker to steal some user funds.
While the company did not mention a total amount lost in the breach, one of their employees — Bitfinex community director Zane Tackett — confirmed on Reddit that the total amount stolen was 119,756 bitcoins — worth up to $72 Million in cash. The cause of the security breach and the hacker behind the incident is still unclear, but the attackers appear to have mysteriously bypassed Bitfinex’s mandated limits on withdrawals.
Bitfinex is the exchange that got Hacked is the third-largest Bitcoin exchange in the world. After the news of the Bitfinex hack had broken on August 2, the price of Bitcoin dropped almost 20%, from $602.78 to $541 per Bitcoin, within the day after the announcement. The sudden dropout could be the result of the latest hack that likely made Bitcoin investors sell off their Bitcoin holdings, leading to a rapid decrease in Bitcoin price.
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