Announcements

Faster Deposits
December 20, 2016

When it comes to trading, time is a critical component. You need to be able to react fast when the market moves.

Starting today, we are offering up to 300% faster deposits on cryptocurrencies for all verified and shareholder users.

To become verified or learn about how to become an investor, visit the Verification or Equity pages.

Below is an overview of the new deposit confirmation requirements.

  Unverified Verified Investor
Bitcoin 3 2 1
Ether 100 50 30
EtherClassic 150 75 50
Zcash 15 8 6
Monero 15 12 10
Litecoin 6 5 4
Tether 3 2 1
Redemption of 1.75% of BFX Tokens
December 05, 2016

We are pleased to announce the redemption of 1.75% of outstanding BFX tokens.  This redemption was applied pro rata to all wallet balances on December 5, 2016 at 18:00:00 UTC.  The redemption does not apply to margin long or short positions - only on settled wallet balances. The amount of the redemption is based on a combination of October's operating results and a reduction in our contingent liability reserves, a breakdown of which will be forthcoming along with an update on recent conversions.

We continue to press forward on all fronts to expeditiously retire BFX tokens through equity conversion with qualified token holders, raising new capital through equity financing, operating profits, and prudent reductions in contingent liability reserves.  We look forward to sharing further developments with you in due course.

New currency Monero to be enabled on Wednesday, November 30th
November 30, 2016

Monero deposits and withdrawals will be enabled on Wednesday, November 30th at 18:30 UTC. Two new currency pairs will be available for exchange trading: XMRUSD and XMRBTC.

To learn more about Monero please visit the Monero Project website: https://getmonero.org.

Planned Downtime For Site Maintenance and Updates
November 03, 2016

On Thursday, November 3rd, at 15:30 UTC we will be undergoing planned downtime for platform maintenance and updates.

This substantial update will encompass over 50 new features and optimizations. We expect the update to take up to 90 minutes but may be completed in under an hour. We will be posting updates on Statuspage, Twitter, and Reddit (/r/bitcoinmarkets).

In the hours before the planned upgrade, we will be monitoring market activity closely. If the market is relatively calm, we will proceed with the update. However, if the market is highly active, we may choose to postpone the update so as to not adversely affect the market. During this period of monitoring, we will be posting constant updates on whether or not the updates will proceed as expected.

To view images and video demos of some of the new features (including new chart tools, price alerts, and interface improvements) check out the changelog for this release.

Redemption of 1.5% of BFX Tokens
November 02, 2016

We are pleased to announce the redemption of 1.5% of outstanding BFX tokens.  This redemption was applied pro rata to all wallet balances on November 2, 2016 at 15:00:00 UTC.  The redemption does not apply to margin long or short positions - only on settled wallet balances. The amount of the redemption is based on a combination of October's operating results and a reduction in our contingent liability reserves, a breakdown of which will be forthcoming along with an update on recent conversions.

We continue to press forward on all fronts to expeditiously retire BFX tokens through equity conversion with qualified token holders, raising new capital through equity financing, operating profits, and prudent reductions in contingent liability reserves.  We look forward to sharing further developments with you in due course.

New currency Zcash to be enabled on Friday, October 28th
October 27, 2016

On Friday, October 28th we will enable support for Zcash deposits and withdrawals. Shortly after we will create two new trading pairs for Zcash: ZECUSD and ZECBTC.

Please note that initially, we will support TADDR addresses, i.e., all deposits and withdrawals will need to be to/from addresses starting with a "T."

What is Zcash?

Zcash is a new permissionless financial system that provides some compelling features such as the possibility of sending confidential transactions using a novel cryptographic method to verify payments.

Learn more about Zcash and the project's roadmap at z.cash.

ETC hard fork announcement
October 24, 2016

To protect against the ongoing attacks first targeting Ethereum and now Ethereum Classic, the Ethereum Classic Project announced a hard fork scheduled for ETC block 2,500,000, approximately 05:20 AM UTC Tuesday, October 25th.

Bitfinex users holding ETC do not need to take any special actions; balances will automatically be migrated to the new chain.

We will temporarily disable ETC deposits and withdrawals about 20 minutes before the hard fork will take place. Trading will continue as usual during this period. As soon as the hard fork has been completed and the Ethereum Classic network has returned to normal operations, deposits and withdrawals will start being processed again.

ETC owners who wish to maintain full control themselves over which chain to keep their ETC balances on should withdraw their ETC to a local wallet before withdrawals will be deactivated. We will not be processing withdrawals on the deprecated chain and are not responsible for returning any ETC from the deprecated chain back to users.

More details on the hard fork are available in the announcement published on the Ethereuem Classic blog post.

Message to the individual responsible for the Bitfinex security incident of August 2, 2016
October 21, 2016

We would like to have the opportunity to securely communicate with you. It might be possible to reach a mutually agreeable arrangement in exchange for an enormous bug bounty (payable through a more privacy-centric and anonymous way).

We have set up a dedicated email address [email protected] and a PGP key (id: 3DDF4814 | fingerprint: E7ED 6B5B 0172 2ECD 7F9D FCBC 6F19 A931 3DDF 4814), which can also be found on this public key server, to hopefully establish a secure line of communication with you.

We understand that you will be reluctant to contact us through traditional channels. To protect your anonymity, we would like to suggest three potential communication methods:

  • We believe that a combination of Tor and an anonymous email service should suffice to protect your identity and location. Encrypting your message with our PGP key further guarantees privacy from prying eyes, but to prove your authenticity to us, we ask that you provide the public key associated with 1QDBWKgfftwuraEasMGSUvj9PPrswZv19q and sign your message with the corresponding private key.
  • Instead of using e-mail, you can send the authenticating information via Bitmessage and Tor. Our Bitmessage address is BM-2cW79647sMFe3fJKKGKAwXWwTSS293meq8.
  • Alternatively, you can send us a message on the Blockchain using OP_RETURN. You can encrypt a message (containing your pub key) with our PGP key, split up the message into 80-byte chunks, and send transactions to 19eT7KGKo1gFjgBhEF4957wVNugkc2cakK from any one of the 2072 addresses currently holding the bitcoins in question.

Perhaps there is yet a different way that you’d like to communicate? If so, please initiate contact and provide instructions for your preferred method of communication. We are anxious to hear from you. Our interest here is not to accuse, blame or make demands, but rather to discuss an arrangement that we think you will find interesting.

We hope to hear from you soon.

Sincerely,
Giancarlo
www.bitfinex.com

Imminent Ethereum blockchain hard fork announcement
October 17, 2016

To mitigate the ongoing denial of service attacks on the Ethereum blockchain, the Ethereum Foundation has announced a hard fork. The hard fork will be put into effect after block 2463000 is mined, around 14:00 UTC October 18th.

Bitfinex users holding ETH do not need to take any special actions. ETH balances will automatically be migrated to the new chain.

We will temporarily disable both ETH and ETC deposits and withdrawals about 45 minutes before the hard fork will take place. Trading will continue normally during this period. As soon as the hard fork has been completed and the Ethereum network has returned to normal operations, deposits and withdrawals will start being processed again.

ETH owners who wish to maintain full control themselves over which chain to keep their ETH balances on need to withdraw their ETH to a local wallet before withdrawals will be deactivated. We will not be processing withdrawals on the deprecated chain and are not responsible for returning any ETH from the deprecated chain back to users. This applies to the fork occurring Tuesday October 18th and to the additional forks occurring in the coming days.

More details on the hard fork are available in the announcement published on the ethereuem blog post.

Bitfinex Announces Sizable Token-for-Equity Exchange by Customers
October 13, 2016

We are announcing today that many of our largest BFX token holders have agreed to exchange more than 20 million BFX tokens for equity in Bitfinex. The equity consists of shares of Bitfinex’s owner, iFinex Inc.

“Since the theft two months ago, our primary objective has been to make our customers whole,” said Philip Potter, Chief Strategy Officer at Bitfinex. “This is a significant step towards the recovery and stabilization of our company. We are very pleased with the results of this first round of conversions.”

The Theft

On August 2, 2016, we discovered the theft of approximately 119,756 bitcoins from Bitfinex valued at more than $70 million. We immediately halted all trading, deposits, and withdrawals on its platform. We assessed the damage resulting from the assault. We finalized the accounting of the losses and generalized them across all accounts according to what was expected to transpire in a liquidation context. In place of the losses, we credited tokens labeled “BFXs” to customer accounts to record each customer’s dollarized loss. The tokens are contingent on the recovery of the stolen property, and remain outstanding, pending redemption for $1 per token by us or pending exchange for shares of the capital stock of iFinex.

The Recovery

On September 2 and 30, we announced the unilateral redemption of 1.1812% and 1.3152% of outstanding BFX tokens, respectively. Redemptions were applied pro rata to all settled wallet balances.

We have also assisted in developing two opportunities for customers to exchange their BFX tokens for capital stock of iFinex. First, we collaborated with Simon Dixon and Bnk To The Future to create a Special Purpose Vehicle (SPV) that enabled qualified Bitfinex users to exchange their BFX tokens for beneficial interests in iFinex, at a value of $1 USD per BFX token. We also worked with Monaco-based investor and entrepreneur Alistair Milne to allow certain verified, non-U.S. Bitfinex users to convert BFX tokens to equity through a newly created BFX Trust.

Since the creation of the Bnk To The Future and BFX Trust vehicles, a significant number of large Bitfinex token holders has elected to convert tokens into shares. More than 20 million BFX tokens have been thus exchanged for shares of iFinex; all tokens exchanged for shares have been destroyed by us.

As of 12 o’clock noon EDT on October 10, 2016, a total of 48,205,714 BFX tokens remains issued and outstanding.

As a further reward for BFX token holders converting to equity, we created a tradable Recovery Right Token (RRT) to compensate victims of the security breach. In the event of any recovery of the bitcoins stolen from Bitfinex, the first priority will be to use any recovery amounts to repay the then-outstanding or unconverted BFX tokens. If there are any excess recovered amounts after all outstanding BFX tokens have been redeemed at full face value, the recovered funds will be distributed to RRT holders.

Management has laid out a subscription schedule that rewards those subscribing early. Subscriptions received on or before October 7 were provided with one RRT for each BFX token converted into shares of iFinex. Those subscribing on or after October 8 but before November 1 will be entitled to one-half an RRT for each BFX token converted into shares. Subscriptions received after October 31 up to and including November 30 will receive one-quarter of an RRT per BFX token converted to shares. After November 30, no RRTs will be offered to subscribers.

“We are thrilled to welcome our new shareholders to the Bitfinex community of interest. The company continues to press forward on all fronts to expeditiously retire BFX tokens through the equity conversion with qualified token holders, raising new capital through equity financing, operating profits, and prudent reductions in contingent liability reserves,” Potter said. “It is our intention to continue to build customer confidence, enhance our new security protocols, and make Bitfinex a strong investment option for our shareholder-partners.”

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To speak with Bitfinex Chief Strategy Officer Philip Potter, contact David Lyons of EcoStrats at 954-612-7225, or at [email protected].