Major cryptocurrency exchange Bitfinex hit by cyber attack, pauses trading


The fourth biggest cryptocurrency exchange in the world, Bitfinex, shut down briefly on Tuesday morning after a DDoS (distributed denial-of-service) attack on its trading platform.

It started in the morning when the company paused operations for an “unplanned maintenance”, assuring users that all funds were safe, after which they went back live in a couple of hours.


Two hours later, trading was once again down and the exchange tweeted that its platform was “under extreme load”.


While the first outage was caused due to an issue with one of their infrastructure providers, according to the company, the second outage followed soon after and was claimed to have been caused by a DDoS attack, causing an “extreme load on the servers”.

“We are adjusting the DDoS protection measures to fend off the attack and be able to relaunch. Currently we are running tests to make sure we can safely restart operations,” the company reported on its website after the attack.

According to data from CoinDesk, Bitcoin prices fell almost 2 percent after the attack, hitting a low of $7,373.47 a coin at one point.

According to a report by CNBC, a Bitfinex spokesperson said, "The attack only impacted trading operations, and user accounts and their associated funds/account balances were not at risk at any point during the attack.”


Cryptocurrencies Observe A Dramatic Drop; Bitcoin Slumps below the $8,000 Mark


Over the most recent 3 days, the most profitable digital currency in the market has shed over USD 600 in its unit cost. In the value of cryptocurrencies, bitcoin drooped underneath USD 8,000 on Monday.

There was around a 7% decrease from the price 72 hours back and after the decline, the bitcoin was trading at USD 7,910 as indicated by CoinMarketCap. This is the first time in the week when it went beneath that protection level.

Be that as it may, it has been realized that the bitcoin's cost has been playing with USD 8,000 level over the most recent seven days. Even the other cryptocurrencies saw the same sensational drop. Ethereum dropped more than 11 per cent and Ripple drooped by more than 10 per cent in most recent couple of days and the digital currencies were trading at USD 464 and USD 0.57 at the time of announcing.

While the current dive brings bitcoin withdraw by critical sums, its cost is still high contrasted with all the more long haul execution. The current drop evacuates every one of the gains made in December – yet it is still up 2520 per cent in the course of the most recent year, with the recent drop essentially fixing the whole inconceivably quick surge the traders saw toward the end of the last year.

In general, the worldwide cryptocurrency market lost over USD 30 billion in its market top in the previous 72 hours and presently, the market capitalisation of the worldwide digital currency advertise is affixed at USD 298 billion.


Japan Cryptocurrency Exchange Coincheck starts refunds for $530m hack

The cryptocurrency exchange that fell to a hack of about $534 million in January this year has now started reimbursing the affected customers that lost fund in the hack.

In its blog post, Coincheck said that it will refund users as per its original compensation plan at the rate of 88.549JPY ($0.83) per NEM stolen and that to qualify for reparations, users must have held that amount of NEM on their platform at 23:59:59 JST on 26 January, 2018.

The total amount reimbursed will equal to about $420 million.

After the hack, Coincheck had imposed restrictions on trading and withdrawal of some cryptocurrencies on the exchange. The company is now going to lift some of these restrictions to allow for withdrawals and sales, according to another blog post.

It also said that it is working on evaluating the risks associated with each currency and will “confirm the technical security of our systems regarding these currencies in order to resume normal operations.”

The exchange also plans to resume deposits and purchases of all currencies, and open for new registrations once security and management systems have been updated.

“Once again, we would like to apologize for the inconveniences that the illicit transfer of NEM from out platform and the resulting suspension in services has caused our customers and anyone else affected by this incident. Thank you for your patience,” the company said in its blog post.

Japan cryptocurrency exchange to refund stolen assets worth $400m

Coincheck, one of Japan’s major cryptocurrency exchange, has promised to refund to its customers about $423m (£282m) stolen by hackers two days ago in one of the biggest thefts of digital funds.

The hack occurred on Friday, when the company detected an “unauthorised access” of the exchange and suspended trading for all cryptocurrencies apart from bitcoin.

The attackers were able to access the company’s NEM coins, which are a lesser known but still the world’s 10th biggest cryptocurrency by market capitalisation. The losses went up to about $534m (£380m).

The company has stated that it will reimburse the affected customers to nearly 90% of their loss using cash.

Over 260,000 are reported to have been affected by the hack.

According to Coincheck, the hackers were able to steal the NEM coins because they were kept in online “hot wallets” instead of the more secure and offline “cold wallets.”

The company claims that it is aware of the digital address where the coins have been transferred and believes the assets are recoverable.

Bitcoin Exchange Files for Bankruptcy After Being Hacked Again

Earlier this week, a major South Korean bitcoin exchange, Youbit, was hacked for the second time in less than 8 months. It has since filed for bankruptcy after releasing that the hackers had stolen 17% of its digital currency reserves.

The exchange trades ten virtual currencies, including bitcoin and ethereum.

Youbit says that the hackers had attacked its “hot-wallet”, which is an account kept online for holding crypto assets, and that its offline, cold-storage holdings are safe and still accessible, adding that all customers will be able to withdraw 75% of their assets once the bankruptcy proceedings are settled.

Allegedly, this attack is an addition to the series of cyberattacks in South Korea, all credited to North Korean hackers targeting the growing market of cryptocurrencies in South Korea.

This hack accentuates the growing concern in the market for the safety of digital currency and holdings.

While with traditional banking, people feel safe with their finances and there is less risk for the customers, cryptocurrencies are highly risky and are increasingly targeted by hackers.