Image credit: Gustavo Molina Hong Kong-based Bitfinex used to live on i of the pinnacle Bitcoin exchanges inward the world, but the devastating hack on August 2, 2016 - where $70 i grand 1000 worth of client Bitcoin deposits disappeared overnight - left Bitfinex fighting for dearest life together with enough of furious customers.
The telephone substitution managed to re-launch on August 7, together with on the 10th, Bitfinex allowed traders to withdraw unopen to 63.933% of their money, later imposing a 36.067 percent haircut across all depositors.
To offering some stair out of relief to angry customers, Bitfinex also launched the
BFX token, which was essentially a hope past times Bitfinex to repay client losses at some dot inward the future, assuming sufficient revenues together with influx of uppercase from investors materializes. Bitfinex opened the token for trading together with launched a Special Purpose Vehicle (SPV) on the
BnkToTheFuture crowdfunding platform on August 22, where qualified (non-US Bitfinex users) BFX token holders could convert their tokens to ownership shares inward Bitfinex itself.
In improver to the token conversion program, Bitfinex has conducted 2 BFX token redemptions where a for sure pct of all outstanding tokens held inward wallets on the platform are converted dorsum to dollars. The starting fourth dimension redemption took house on September 1, 2016, where 1.1812% were redeemed, together with some other redemption took house today for 1.3152 percent.
Two months later the hack: Despite good-faith efforts made past times Bitfinex administration to restore investor confidence, volumes on the telephone substitution are currently a pocket-size fraction of what they were prior to the monumental theft. Data from BitcoinCharts.com shows the drastic drib inward book on the Bitfinex BTC/USD twosome later the hack:
chart source: https://bitcoincharts.com/charts/bitfinexUSD Almost 2 months later the incident, USD margin funding volumes on Bitfinex lead keep also non recovered. Prior to the hack, daily swap volumes would easily transcend $5 million, post-hack, daily turnover hardy goes inward a higher house $2 million. This nautical chart from Bfxdata.com illustrates this fact quite well:
chart source: https://www.bfxdata.com/swaphistory/usd At press time, the bulk of trading on Bitfinex takes house on BFX/USD together with BFX/BTC, amongst 24h-volumes on both pairs at $1,067,731 together with $464,592, respectively. The other 2 pairs that lead keep whatsoever notable book are ETC/USD together with ETC/BTC. Volume on the BTC/USD twosome over the concluding 24h, concluding seven days together with concluding thirty days is quite pocket-size compared to the figures on the other pairs.
chart source: https://www.bitfinex.com While volumes dot that investor confidence has non been restored only yet, the BFX token - which crashed downwards to $0.20 on opening solar daytime - is instantly trading at $0.60!