‘Giancarlo’ keys managed poorly says post-hack Bitfinex security report
The Organized Crime and Corruption Reporting Project (OCCRP) has reportedly obtained the security report created by Ledger Labs that was commissioned by Bitfinex after its 2016 hack. The report details numerous failures to follow industry best practice, failure to practice adequate logging, and failure to implement a whitelist. The Bitfinex hack backstory On August 2, 2016, Bitfinex was hacked in what was then the second-largest Bitcoins hack ever recorded. Indeed, 120,00 coins — then valued at around $70 million but today worth over $3 billion — were withdrawn from the platform forcing it to disable all deposits, trading, and withdrawals in response. In the wake of the attack, Bitfinex announced that “We have arrived at the conclusion that losses must be generalized across all accounts and assets.” The company also claimed that every single account would receive a 36.067% haircut, and for each dollar that represented, users would receive a BFX token, valued ...