Bitfinex Publishes a Plan for the Exchange’s Revival

News and Analysis

Cryptocurrency exchange Bitfinex plans to gradually recover access for users in the wake of a hack and theft of 120k BTC.

The exchange’s administration has reiterated its statement that the team is working on reviving all functions. Currently, users may check their balance, however, trading, withdrawal and depositing are not available as for now.

“We are continuing to investigate the hack and cooperating with authorities and the top blockchain analytic companies in the space to track the stolen bitcoins. In the meantime, we have been working on getting the platform up and running on a secure instance so that users can log in and see if their accounts have been affected as well as the state of their positions and orders,” the team’s statement reads.

The exchange has also published the exchange rate for marginal positions once the exchange goes live again. It will comprise $604.06/1 BTC, and $10.19/1 ETH. All transactions and open orders processed at the moment of the attack have been cancelled.

Unfortunately, Bitfinex did not specify how it intends to reimburse the users. Still, the company’s representative Zane Tackett is expected to make an expanded statement as to the current state of affairs.

Bitfinex was hacked August 2. The attack resulted in the loss of around 120,000 BTC, which in its turn resulted in abrupt cheapening of Bitcoin to $549.41.

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