Post
Topic
Board Exchanges
Re: Bitfinex HACKED - funds stolen !
by
Quickseller
on 04/08/2016, 19:44:12 UTC
Bitfinex should negotiate with hacker. Offer $10 million to return the stolen bitcoins and drop investigation.

Yeah, this could be done. However I think hackers will not accept the offer, because they prefer to earn much money instead of having to return all funds they have get and given only a small portion of the money to them. But it also depends on how bitfinex the hacker in the negotiation to seduce, hopefully this issue was quickly completed and running as before

Reasons hacker might agree to negotiate:

1) The advantage of not being investigated might outweigh the difference in lifestyle between having $10 million and $60 million.

2) If he keeps a portion of his settlement in BTC, the price will rise after she agrees to settle.

3) If he takes a long position in bitcoin before agreeing to settle, he will profit.

4) He will be seen as a hero by many instead of a theif and will be sought after for security advice.

5) He will be able to convert his BTC to USD easily.


What makes you think the kid in his parents basement running Bitfinex has $10 mil?

Chances are, he started cashing out bitcoins months ago just waiting for time he could release news of the "hack". Shortly before the "hack" he probably sold most of what he needed to in order to retire to Panama. He can slowly trickle out the rest over the next few years. Pure genius.
Bitfinex actually implemented a system that allowed them to prove their solvency on a nearly real time basis, so I don't think they have been insolvent for longer then when they got hacked.

This isn't 2012 anymore, exchanges are holding hundreds of millions of dollars worth of Bitcoin, and they are not being run out of some guy's basement.

Based on their trading volumes, bitfinex has had well over $10 million worth of revenues over the past year, so yes, they should be able to cover a $10 million loss.