Bitquick.co Response to Bitcoin Exchange Breach

Hello BitQuick.co Users,

BitQuick currently allows sellers to tie their selling price to the last price on the Bitfinex and Bitstamp exchanges, and the last price of the CoinDesk Bitcoin Price Index.  We had several sellers that had their pricing tied to the BitFinex last price. 

As a precaution and a policy we removed BitFinex last price from the list of selling options/benchmarks, then tied the sellers order prices to the CoinDesk Bitcoin Price Index

As a result of the Bitfinex compromise we are looking to add and/or substitute the current lineup of bitcoin indexes and benchmarks.

 

We believe that the three most relevant options are Tradeblock’s XBX IndexBitcoinAverage’s Bitcoin Price Index, and the Coindesk Index.  We look to make this change in the next week.

Security breach on Bitfinex
Today we discovered a security breach that requires us to halt all trading on Bitfinex, as well as halt all digital token deposits to and withdrawals from Bitfinex.

We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen. We are undertaking a review to determine which users have been affected by the breach. While we conduct this initial investigation and secure our environment, bitfinex.com will be taken down and the maintenance page will be left up.

The theft is being reported to — and we are co-operating with — law enforcement.
As we account for individualized customer losses, we may need to settle open margin positions, associated financing, and/or collateral affected by the breach. Any settlements will be at the current market prices as of 18:00 UTC. We are taking this necessary accounting step to normalize account balances with the objective of resuming operations. We will look at various options to address customer losses later in the investigation. While we are halting all operations at this time, we can confirm that the breach was limited to bitcoin wallets; the other digital tokens traded on Bitfinex are unaffected.

We will post updates as and when appropriate on our status page, bitfinex.statuspage.io. We are deeply concerned about this issue and we are committing every resource to try to resolve it. We ask for the community’s patience as we unravel the causes and consequences of this breach.
— http://blog.bitfinex.com/uncategorized/security-breach/

We will, of course, update you on any changes to the BitQuick.co site.  Please see both of our Twitter feeds @athenabitcoin & @bitquick.co for up to the minute information!

Cheers!  

The Athena Operations & BitQuick Customer Service Teams

New Dynamic Pricing Benchmarks Coming Soon!