Announcements

Update regarding recent security breach May 27, 2015

Following the unfortunate security incident involving our hot wallets, we have worked diligently with our security specialists and customers to ensure the security of the new hot wallets as well as working with individual customers who were affected. New (secure) deposit addresses for BTC, LTC & DRK have been on the website since Friday evening UTC and all systems have been performing normally since then.

However, despite the announcement, tweets, e-mail warnings, and coverage in the press, we have customers who continue to make deposits to old (hacked) addresses. At this point, we can no longer honor, partially or otherwise such deposits, and STRONGLY URGE our users to heed this notice and avoid a careless (and costly) mistake.

As we have tried to understand some of the reasons behind why some users continue to make such deposits, we would like to make two important suggestions to our users. Firstly, please ensure that you do, in fact, receive e-mails from Bitfinex and that such emails are not being inadvertently sent to a spam folder, and secondly, do not use Bitfinex as a general purpose wallet to receive third party payments to static addresses. The first point is obvious, but apparently a problem for some, but the second point is more subtle in that we understand it might be easy to inform our customers of the need to change deposit addresses, but maybe not so easy for our customers to inform their customers.

In any case, we thank all of our customers for their loyalty and patience last Friday – Bitfinex is working very hard to make sure something like this doesn't happen again.
Urgent action required May 22, 2015
Dear Customer although we keep over 99.5% of users' BTC deposits in secure multisig wallets, the small remaining amount in coins in our hot wallet are theoretically vulnerable to attack. We believe that our hot wallet keys might have been compromised and ask that all of our customer cease depositing cryptocurrency to old deposits addresses. We are in the process of creating a new hot wallet and will advise within the next few hours. Although this incident is unfortunate, its scale is small and will be fully absorbed by the company. Thanks a lot for your patience and comprehension. Bitfinex Team
Withdrawal Confirmations May 06, 2015

In an effort to eliminate "orphaned" withdrawals requests, Bitfinex will start to automatically cancel withdrawals that have been pending e-mail confirmation for over an hour. Canceled withdrawal amounts will be credited back immediately to customer accounts. We are doing this as a service to our customers who might overlook confirmation e-mails in their inbox and forget about the amount. Until now, we have been manually cancelling such requests at irregular intervals.

Banking holidays March 30, 2015

Due to the Tomb Sweeping Day in Taiwan all banks will be closed this coming Friday (3 April) and coming Monday (6 April). No deposits or withdrawals by wire will be processed these 2 days.

Best regards

The Bitfinex team

Banking holidays February 12, 2015

Due to the Chinese New Year festivities in Taiwan all banks will be closed from Wednesday 18 February up to Monday 23 February.

On Tuesday 24 February the banks will re-open. During this period Bitfinex won¹t be able to process incoming and outgoing wires.

In addition to this also Friday 27 February is a banking holiday in Taiwan (228 Memorial Day).

Best regards

The Bitfinex team

Bitfinex feature announcement: Tether January 15, 2015

Bitfinex is pleased to announce the availability of Tether as a withdrawal and deposit method for our verified clients.

Verified users now have an additional “Tether” funding option, along with “Crypto-Currencies” and “Wire Transfer” on the Deposit and Withdraw pages. Tether is a Bitcoin-compatible token which represents one dollar, and can be held in any Tether-enabled Bitcoin wallet (Omni Wallet or Tether.to). Tether tokens can be deposited and traded for other tokens at exchanges that support Tether. Tethers can also be withdrawn and held in any Bitcoin wallet where you control the private key, including offline and paper wallets, allowing users to hold their US Dollar balances in a cryptographically secure manner, just like bitcoins.

Each Tether is backed 1-to-1 by its corresponding currency, which can be viewed and verified in real-time via the Tether.to website and on the Blockchain. Tether will be fully transparent and audited to demonstrate 100% reserves at all times.

We see Tether as a significant optimization for the problems that plague bitcoin traders and exchanges when interfacing with the traditional banking system. We proudly support Tether and encourage other exchanges, OTC traders, and arbitrageurs to also use Tether. We believe that widespread adoption of a secure Blockchain-compatible ‘crypto-dollar’ will lead to better price discovery, market transparency and liquidity.

More information is available at https://tether.to and the press release can be read here

Notice Regarding Bitfinex Security Practices January 13, 2015

In light of recent events, and in response to questions from our users, we wanted to convey some information to the community regarding our security protocols. Generally, we want to remind our users that we are paranoid about security, and have the industry leading standards in place to protect all of our cryptocurrency assets. Specifically, we do the following:

Multisig cold wallets to hold crypto-currencies
We have been using multisig addresses for cold storage since the beginning of December 2014. The vast majority of customer bitcoins are stored in the cold wallets. We do not store more than 0.5% of our assets on hot wallets. Our hot wallets are not accessible from the front-end servers.

Always up-to-date linux systems to host the platform
Our server network is protected by always using up-to-date software and the best possible practices.

Advanced account protection
We offer several options to secure user accounts: Email, OTP authentication and SMS/Voice authentication to validate logins and withdrawals. We have also developed tools to detect unusual account activity that have successfully protected users who have had their accounts compromised in the past.

Trade-only exchanges API keys
API keys are encrypted and not stored in our code or database. These keys provides only the right to get balances and buy and sell bitcoins. Withdrawal are handled on the website through our withdrawal box (which is isolated from the rest of our server network).

Automatic backup of the database once a day
Once a day, the database of the platform is backed up, encrypted and compressed as an archive. The passwords of users it contains are hashed and cannot be stolen. As soon as a new backup is ready (database, log files,...), it is sent to others servers in several physical locations.

Secure storage of customer KYC documents
Once documents are uploaded during the verification process, they are stored separately and are not accessible from the web servers.

Security monitored and audited
Our platform’s security is regularly tested, monitored and audited by third party security experts to detect and prevent any intrusions.

We are committed to making sure that any funds that are entrusted to us are kept safe. While, it is impossible to be 100% secure, we believe that a strong security plan should place an emphasis on minimizing the effect of any attack, which is precisely what we have endeavored to do with the above security protocols.

Beta Mining Contract Changes & Adjustments October 15, 2014

In an effort to address some of the community’s concerns surrounding the price premium of TH1 over intrinsic value and lack of liquidity on the book, Bitfinex will be making some adjustments to TH1. Firstly, we would like to plainly state that Bitfinex will not tolerate any behavior that we deem to be manipulative. We are looking closely at the behavior of some of the participants and are mulling over some overall rule changes to discourage certain behaviors system-wide – more to come on that later. Just because the platform permits an unintended use pattern does not mean that we won’t take a punitive approach in dealing with those traders trying to exploit loopholes in a manipulative fashion. This contract is a beta product, and we have reserved the right to make adjustments as necessary to improve the integrity of the product. To that end, the following changes will soon go into effect:

  • TH1 no longer good collateral. As of midnight UTC on Monday, October 20th, 2014, TH1 can no longer be used as collateral for opening long swap positions in TH1BTC. Only collateral in the form of BTC, LTC or USD will be permitted. We have made this decision based on the fact that TH1 itself will be worthless at contract expiration.
  • Margin requirements will start to increase. As TH1 approached expiration, we will be increasing the Initial Margin Requirement (IMR) and the Maintenance Margin Requirement (MMR) according to the following schedule at midnight UTC on the respective dates:
    DateIMRMMR
    Monday, October 20th, 2014 40% 20%
    Monday, October 27th, 2014 50% 25%
    Monday, November 3rd, 2014 60% 30%
    Monday, November 10th, 2014 70% 35%
    Monday, November 17th, 2014 80% 40%
    Monday, November 24th, 2014 90% 45%
    Monday, December 1st, 2014 100% 50%
    Wednesday, December 3rd, 2014 100% 60%
    Friday, December 5th, 2014 100% 70%
    Sunday, December 7th, 2014 100% 80%
    Tuesday, December 9th, 2014 100% 90%
    Thursday, December 11th, 2014 100% 100%

It will be the responsibility of the traders to insure that their positions are backed by enough collateral to avoid any forced liquidation that may result when MMR is increased. We apologize for any inconvenience caused by these changes as we continue to fine-tune this beta product for future offerings.

Mining Contract Size Increase October 15, 2014
We will be adding additional hashing capacity to TH1, increasing it to a total of 600 THS (terahashes per second) in an effort provide greater liquidity and enhance price discovery in both the exchange and swaps market. The additional capacity will be added immediately after the next block after #325289 is mined.
Mining Contract Size Increase October 01, 2014
We will be adding additional hashing capacity to TH1, increasing it to a total of 500 THS (terahashes per second) in an effort provide greater liquidity and enhance price discovery in both the exchange and swaps market. The additional capacity will be added immediately after the next block after #323203 is mined.
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