Bitfinex Releases Initial Relaunch Plans for Bitcoin Exchange

Bitfinex is planning to slowly re-enable user access following a reported hack earlier this week.

AccessTimeIconAug 4, 2016 at 3:15 a.m. UTC
Updated Sep 14, 2021 at 1:59 p.m. UTC

Bitfinex is planning to slowly re-enable user access following its announcement that it had been hacked and robbed of nearly 120,000 bitcoins earlier this week.

In a new message today, the exchange reiterated past statements that it is in the midst of bringing the exchange online, a process that would include allowing users to check balances. Trading, withdrawals and deposits will remain suspended.

"The first step is bringing the site online and allowing users to login and view the state of their accounts," the exchange said.

Bitfinex closed its trading platform on Tuesday after revealing that it had lost 119,756 BTC, an amount worth roughly $69.5m at current prices.

Notably, the statement did not detail how the exchange will handle user losses – an aspect representative Zane Tackett indicated via social media would be outlined in greater detail in a statement expected later today.

Bitfinex’s announcement included the prices at which it would settle margin positions live on the site at the time of its closure. Among these were standing bitcoin prices of $604.06 per bitcoin and $10.19 per ether.

The exchange also said that withdrawals, open orders and funding offers will be cancelled.

News of the hack and theft sparked broad debate across the bitcoin industry, given the exchange’s high profile as a global bitcoin exchange and the amount lost in the incident. The hack revived memories of Mt Gox, the Japanese bitcoin exchange that collapsed in early 2014 and resulted in hundreds of millions of dollars in client losses.

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