All Bitfinex clients to share 36% loss of assets following exchange hack

theguardian.com

11 pointsnoonespecial5 comments

This is pretty spectacular, really: a way to do bankruptcy without in any way affecting the investors and executives personally responsible. You'd almost think such a thing would be illegal. OH WAIT

Why 36%? What is this based on?

Note, by the way: there's been no evidence there was even a hack presented. No details, nothing at all. There's been a lot of PR on Reddit, that's been about it.

I predict: there's no way anyone's getting even their 64% back out of Bitfinex.

Maybe these exchanges need to take out depositor's insurance.

Who needs insurance when you can make your customers take the hit for any theft?

Mt. Gox went through the legal channels and still to this day, no one received back a cent. It could take years and even then they are not guaranteed their full funds back. This is better for the customers.

It's certainly better for the owners, who have not provided any details about how they came up with this 36% figure. Who knows if that is correct? And even if it is, why do the owners of the exchange not pay towards the losses? Accepting this deal is just letting Bitfinex off the hook.

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