Exchange News

Two Israelis arrested for hacking Bitfinex, the exchange to go offline next week

Reports have emerged that two Israeli brothers, Eli Gigi and Assaf Gigi, have been arrested in connection with the hack of Bitfinex, a virtual currency exchange.

The two are suspected of being responsible for a long-term systematic theft of cryptocurrencies which they orchestrated by maliciously obtaining access to users’ accounts. They allegedly created credential –stealing clones of major online virtual currency exchanges and wallets. The Israelis then posted the phishing sites on telegram groups and other related cryptocurrency communities.

Additionally, the brothers are accused of the 2016 Bitfinex hack which compromised multiple accounts. A report this month indicated that the stolen funds had been recently moved.

 Bitfinex has also announced that it will go offline for approximately seven hours next week.

In an announcement, the exchange indicated that on June 26, it will go offline for a system upgrade, it also specified that Bitfinex’s hybrid firm, Ethfinex, would also be unavailable during this period.

The upgrade will help enhance the scalability and stability of the iFinex matching engine. During the upgrade, the users won’t trade, access, or view their wallets on the exchange.

Bitfinex assured its users that they are not required to take any actions. Also, no orders will be executed during the downtime and their funds will be safe during the upgrade.

However, the firm noted that if the market movement is too volatile, the upgrade will be postponed.

Early this month, Bitfinex announced a burn initiative for its LEO tokens. Bitfinex’s parent company, iFinex, announced that it will use some of its gross revenue to purchase the tokens at the market price as part of the UNUS SED LEO burn mechanism.

Do you think the system upgrade by Bitfinex is meant to prepare the exchange for the fast approaching bull run?

You may also be interested in:

The tussle between Bitfinex and NYAG intensifies as the exchange fears the loss of clients

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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