Breaking News: Customers Prepare Bitfinex Lawsuit!
Context
A week or so ago, Bitfinex suffered a hack in which ~$78 million worth of bitcoins were stolen.
They responded to this in two ways:
- By forcing a 36% loss upon some of its customers' crypto-assets (including BTC and LTC).
- Issuing an exchangeable IOU coin BFX, to be redeemed at some unspecified date - and which unfortunately traded at a price below face value upon market open.
For more information, please read this post.
Lawsuit
Certain Bitfinex customers - who presumably did not sell their BFX tokens - have decided to file a class action lawsuit against the exchange.
I will reserve judgement, but will be closely following developments in this affair.
It was only a matter of time really. What surprises me that these big crypto exchanges still don't have insurance to cover these kind of losses. Hacks are not the exception they are the rule.
Crypto exchanges present such an irresistible target to hackers - no matter how secure they are people will find a way to get in.
I think the fact that such a huge exchange did not insure it's customer's funds is at the very least gross negligence.
I doubt that any insurance company would want to have anything to do with a Bitcoin exchange.
I doubt your doubt. Insurance companies like money and will pretty much insure anything if the money is there.
Very well said.
What a mess indeed hope everybody get back their coins
These days you gotta insure everything. Will keep updated!
This had to come for the way things have been done. Will be interesting to see what happens. Shows a need for insurance against such occurrences as well. @thedailysteem Thank you for sharing!
Great, cause I got 36% loss haircut by Bitfinex also!
Good luck recovering your funds!
It's strange it happens to all the currency exchanges on planet, and with so much money... Who will be the next?
Run Forrest run... :-)
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