3 August 2016

The value of the bitcoin has dropped by over 10 percent following the recent security breach and theft of cryptocurrency from the Hong Kong-based digital currency exchange platform Bitfinex, media reported Wednesday.

MOSCOW (Sputnik) — On Tuesday, Bitfinex said they had discovered a security breach that required all trading to be halted, as well as the suspension of all digital token deposits and withdrawals from Bitfinex.

Nearly 120,000 units of the digital currency were stolen, which according to various media reports equates to from $65 million to $72 million.

According to the BBC, the 10 percent fall in bitcoin’s value against the dollar was a market reaction to the major security breach of the Bitfinex digital currency exchange platform.On Tuesday, bitcoin saw its value decrease by over 23 percent after news of the security breach broke.

Cryptocurrencies have no material form and global currency regulation does not apply to them. An unlimited number of anonymous sources can issue and use such currencies.

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exchange rates, cryptocurrency, US dollar, bitcoin