Interim Announcement

Reports have circulated suggesting that we have not committed reserves in the effort to compensate customers impacted by the security breach last week. Any such reports are false; we have committed all of the company’s reserves to compensate customers. Certain funds are being held back for our working capital purposes as we recommence operations. However, no property held back will be used to pay dividends to current shareholders unless and until our customers are repaid

16 Comments
  • John
    Posted at 17:15h, 08 August Reply

    So what was the bug, I missed disclosure other than “oops, we will take your 35%”. How specifically did that happen? What was the flaw? Is it bitgo’s fault?

  • Roman
    Posted at 18:41h, 08 August Reply

    I am very glad to hear that. We will wait patiently for full details disclosure how you covered the loss resulting from hack and came to the results of 36% haircut. I hope you cover that in upcoming announcements

    • ABE6
      Posted at 05:36h, 10 August Reply

      It Bitfinex continues to stay silent and limit platform functionality the next stop for Bitfinex customers, Bitcoin in general, and the Bitfinex platform is the point of no return. Bitfinex’s inaction may likely cause “Irrevocable Damage” for everyone involved. All aboard!

  • Federico
    Posted at 23:08h, 08 August Reply

    Glad also to hear this

  • Haley
    Posted at 07:09h, 09 August Reply

    Can you tell us where does that BFX come from, and what does one unit of BFX represent and the underlying methodology? Also, I believe existing account holders that suffer from the breach shall have the right to understand and monitor the financial status of ifinex Inc going forward to ensure the Company has done its best in making up these losses, until such compensation (and probably interest payment as well) has been completely made.

    Also, how will you guys deal with the potential appreciation of the lost fund (that temporarily turns into BFX) that has appreciated throughout the course of compensation? I’m sure these are questions every account holder would like to know

    • Michael
      Posted at 18:10h, 09 August Reply

      Just a short reply to your first question: They explained a little bit about BFX in their August 7th “site relaunch” blog post. One BFX represents one USD of your account’s lost value. BFX will be tradable so if you just want your money back quickly you can sell them at 1 USD each. Or you can trade with them and potentially make a profit.

      I’m not sure what’s going to happen with all the BFX long term though. Will Bitfinex buy them all back? And at what price?

  • PROOF?
    Posted at 07:13h, 09 August Reply

    “we have committed all of the company’s reserves to compensate customers”
    Proof?
    And, what about shareholders’s reserves?

  • Arne
    Posted at 08:07h, 09 August Reply

    Thanks for clarifying this. I guess some presstitutes/competitors want to stir up shit so they get more “scandal” to write about.

  • eugene
    Posted at 11:22h, 09 August Reply

    Proof?

  • The Creditors
    Posted at 11:45h, 09 August Reply

    The BFX token is a loan from me to iFinex.

    I do not make loans unless I determine whether the debtor is credit worthy.

    I would like to see the iFinex income statement and balance sheet.

    What is the proposed interest rate and repayment schedule on the loan.?

  • Paul
    Posted at 14:03h, 09 August Reply

    Guys, do you remember Mt. Gox? Believe…. believe…. years or say a last goodbye to your money :-))

  • TbbW
    Posted at 16:49h, 09 August Reply

    Just a question.
    “The trading of BFX tokens may be restricted for US customers.”
    So non US customers are just stuck with the BFX and cannot do anyting with them?

    • admin
      Posted at 18:33h, 09 August Reply

      The trading of BFX tokens may have some restriction for US customers, not for non-US customers

  • user
    Posted at 00:24h, 10 August Reply

    Can you also verify that current shareholders have not been able to sell their shares since the hack, nor will they be able to until there are no BFX coins?

  • Boris
    Posted at 13:07h, 10 August Reply

    I am not into legal matters but already can see a bit of a legal clash here. BFX users who had USD on exchange now have a “VIP priority” so to speak because of their legal status to be reimbursed. Wrong move if you’d ask me but I understand it’s a desperate times.

  • NoFo
    Posted at 04:49h, 12 August Reply

    Can we stop using the word haircut.

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