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Hackers Break into Hong Kong Bitcoin Exchange, Make Off With $65 Million

Chris Gaetano
Published Date:
Aug 3, 2016
Internet Crime

Hong Kong-based Bitcoin exchange Bitfinex halted trading after discovering a security breach that resulted in the theft of $65 million worth of the digital currency, according to Bloomberg. Exchanges are necessary to convert digital currencies like Bitcoin into sovereign currencies like dollars and yuan. Bitfinex allowed users to store their depots with them for faster conversion processing.

The theft has had impacts going beyond just stolen money. The event has, similar to the 2014 MtGox break-in, disrupted confidence in the digital currency, causing it to lose 13 percent in value, which wiped $1.5 billion from its market capitalization, according to Bloomberg. Bitcoin is currently trading 5.5 percent on the dollar. 

While the exchange has halted trading in all digital currencies, such as Etherium, only Bitcoin was affected. 

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