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Bitcoin exchange rate collapsed after hackers attack

The digital currency Bitcoin exchange rate collapsed after hackers have stolen digital currency worth about 65 million USD from the Hong Kong-based exchange Bitfinex. Bitcoin exchange rate depreciated by 5.5% against USD and collapse over the past two days reached 13%.

Bitfinex announced on Tuesday that halts trade withdrawal and deposit after having established a security breach. The digital trade exchange clarifies that still investigates some details and acknowledges that 119,756 Bitcoins worth about 65 million USD were stolen from its users. In Bitfinex can be traded also other crypto-currencies, such as Litecoin or Ethereum. The hacker attacks, however, were concerned only with Bitcoin wallets. Exchange promises to find a way to compensate its customers after clarifying what happened breakthrough.

The hackers attack increased concerns about security crypto-currency. The big question is how much money was stolen and how Bitfinex will compensate consumers, which might return the credibility into the currency.

“The high-profile hacker attack is not good for the credibility and undermines the efforts of market participants to maintain market according to the rules”, says CEO of another Bitcoin Exchange BitMEX, Arthur Hayes.

Market participants traded through Bitfinex over 600,000 Bitcoins last 30 days until August 2. The amount corresponds to only 1.6% of the total volume of traded Bitcoins – over 39 million Bitcoins.

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