Bitfinex Customers to Face 36.067% Haircut

Bitfinex has announced their interim plan to recover from the recent theft of thousands of bitcoin. The official statement posted to their website home page announced intent to impose a 36.067% haircut on their customer accounts in order to bring about renewed and solvent operations. Today’s statement followed social media speculation that @Bitfinex planned to “socialize” their loss.

Bitfinex intends that “losses must be generalized across all accounts and assets” in the amount of 36.067%. In addition to the account haircut, customers would be credited with a BFX coin. The coin might return proceeds from future profit back to the customer. Bitfinex stated:

“In the meantime, In place of the loss in each wallet, we are crediting a token labeled BFX to record each customer’s discrete losses. Tokens will be distributed without release or waiver. The BFX tokens will remain outstanding until redeemed in full by Bitfinex or possibly exchanged—upon the creditor’s request and Bitfinex’s acceptance—for shares of iFinex Inc. We are still sorting out many details on this; we will post further updates in the coming days.”

An unconfirmed gravevine rumour was that Poloniex had already agreed to trade the BFX coin, but this is not yet confirmed from either party.

On August 02 2016 Bitfinex announced the theft of 119,756 BTC. The bitcoin were stolen in what appeared to be a sophisticated multi vector attack. Bitfinex took their platform offline for attack assessment and remedy. In their statement Bitfinex announce their intent to resume limited operations:

“We intend to come online within 24-48 hours with limited platform functionality. Additional announcements will be made as we progressively enable more platform features and return to full operations.” If operations unfold as planned this puts Bitfinex back online on August 07 or 08 2016 with initially limited functionality.


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