$72 million were stolen during Bitcoin exchange in Hong Kong

$72 million were stolen during Bitcoin exchange in Hong Kong

This is known to be the second major heist in the history of a Bitcoin exchange. The money were stolen in bitcoins of the approximate value of $72 mil

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This is known to be the second major heist in the history of a Bitcoin exchange. The money were stolen in bitcoins of the approximate value of $72 million worth of the currency. Or this sum is equivalent to 120,000 units of digital currency Bitcoin and they were robbed from the Bitfinex exchange platform in Hong Kong.

Bitfinex is currently the largest exchange platform for Bitcoin that is dollar-based. Authorities are already familiar with the robbery and they are now in talks with blockchain analytic companies in an effort to find the stolen money.

In a press conference Zane Tackett, director of Community and Product Development for Bitfinex, said the company has yet to decide and make a statement how they will compensate the losses for their customers. They also confirm that the stolen bitcoins were taken from users’ segregated wallets.

The amount stolen is estimated to be 0.75 percent of all the current Bitcoins in circulation. The theft was described as one of the largest robberies in bitcoin’s still short history, according to The Wall Street Journal. Unfortunately, when there are bad news in the financial world, they often render influence elsewhere too. Since news of the robbery spread, the value of Bitcoin dropped by over 20 percent.

However, there have been many small cases of bitcoin theft in history. The first, and yet biggest, major heist of bitcoin is known to have happened in early February 2014. Then, one of the largest bitcoin exchanges, Mt. Gox, suspended withdrawals citing technical issues. By the end of the month, Mt. Gox had filed for bankruptcy protection in Japan amid reports that around 850,000 bitcoins belonging to customers and the company were missing and likely stolen. This is an amount valued at more than $450 million at the time.

Nevertheless, this is the second major cryptocurrency theft for this single year too. Earlier, another form of virtual currency, called Ethereum, was also hacked.

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