Bitfinex asks users to share losses of bitcoin theft

Posted on 08-08-2016 , by: admin , in , 0 Comments

Bitfinex, the digital currency exchange in Hong Kong that reported a bitcoin theft last week, has decided to shave a little over 36 percent from its customers’ accounts and assets to make up for losses from the hack.

“Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%,” Bitfinex said in a blog post Saturday. It promised an announcement later on the details of the methodology used to arrive at the losses.

“This is the closest approximation to what would happen in a liquidation context,” Bitfinex wrote. Customers will be issued a token labeled BFX to record their losses, though the exchange is still not clear about how it will compensate them.

The BFX tokens will “remain outstanding until redeemed in full by Bitfinex or possibly exchanged — upon the creditor’s request and Bitfinex’s acceptance — for shares of iFinex Inc.” The exchange said it is still sorting out the details and will post updates in the coming days. The exchange is owned and operated by iFinex.