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Bitcoin drops 20% after $70M worth of bitcoin was stolen from Bitfinex exchange

Reading Time: < 1 minute  |  Published: August 4, 2016 in Industry News

Bitfinex, one of the most popular cryptocurrency exchanges online, has suffered a major hack. The company has posted a note on its website detailing the security breach, and while it doesn’t mention a total amount, one of their employees confirmed on Reddit that the total amount stolen was 119,756 bitcoins.

That amount converts to about $77,000,000 based on a price of $650 USD per bitcoin, which is about what bitcoin traded at over the course of the last week.

After news of the hack spread, the price of bitcoin dropped almost 20 percent, settling in around the current price of $540 USD per bitcoin. It’s not exactly clear why the price dropped, but it’s likely bitcoin investors got nervous about potential hacks on other exchanges and decided to sell off their bitcoin holdings, which led to a rapid decrease in price.

 

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