Reading: Industry Report: Bitfinex Sinks the Bitcoin Market


Industry Report: Bitfinex Sinks the Bitcoin Market

Nick Marinoff | Aug 04, 2016 | 12:00

Bitcoin Industry Report Bitcoin

Industry Report: Bitfinex Sinks the Bitcoin Market

Nick Marinoff | Aug 04, 2016 | 12:00


Bitfinex gets hacked, the first feature film funded via cryptocurrency is announced, and bitcoin and cannabis seek to join hands. Want to catch up on the latest digital currency news? Take a look below.

Also read: Industry Report: No Bitcoin Crime Goes Unpunished


The bitcoin price has undergone a massive drop following a cyber-attack on Hong Kong-based bitcoin exchange Bitfinex, which has resulted in nearly $70 million stolen from users’ accounts.


Blockchain security company BitGo has released a statement to customers, explaining:

“You may have read that Bitfinex announced a security breach, today. We are working with Bitfinex to determine what happened. To date, our investigation has found no evidence of any compromise of BitGo servers or services. We believe the compromise is isolated to Bitfinex. The security of your transactions is our highest priority. We will keep you up to date as the situation evolves.”

So far, all trading occurring through the exchange has been halted, while deposits and withdrawals have received a temporary stoppage. In a blog post, Bitfinex writes:

“We will look at various options to address customer losses later in the investigation… We ask for the community’s patience as we unravel the causes and consequences of this breach.”


Vulture Capital and Hedley Productions have announced a new cryptocurrency-based crowdfunding campaign for the upcoming feature film, “Listen Carefully,” which one of the company’s representatives describes as “a smart, sinister comedy that gleefully takes on big businesses, the cult of self-improvement, and government paranoia.” The cinematic venture will be the first to be funded with digital currency should the crowdsale prove successful.

Vulture Capital is eager to show the world just how innovative cryptocurrency can be by paving the way for other films to earn their budgets through the magic of digital coins.


Crypto Cannabis ConferenceThe Crypto Cannabis Conference (CCC) will take place in Denver, Colorado from October 21-22, 2016. The event looks to bring bitcoin and cannabis together to create one large, innovative industry where digital currency can be used to legally purchase marijuana products. Conflicts between state and federal laws have made this difficult over the years.

This event’s list of guests and speakers include Derek Porter of Security Grade Solutions, Peter Klamka of Bitcoins Direct, Carl Lehburger of PureVision, and Michael Tew of Cannasys, Inc.

Know of any stories that belong in our regular industry reports? Post your thoughts and comments below!

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