Bitcoin News Thebittimes.Com

In 2016, those who fell victim to the Bitfinex hack were provided iFinex share s as compensation, since the cryptocurrency exchange lacked sufficient funds to fully reimburse its users. iFinex’s parent company, iFinex, has put forward a proposal to repurchase $150 million worth of the company’s shares from those individuals who had been granted these shares as compensation for the $71 million Bitfinex cryptocurrency exchange hack that transpired in 2016, as reported by Bloomberg. The intention to repurchase these shares was disclosed by iFinex in a letter addressed to shareholders, dated September 22. The digital asset company has offered a purchase price of $10 per share for the 15 million shares that were distributed in response to the Bitfinex hack in 2016. At the time of the Bitfinex hack, the exchange lost nearly 36% of its total user balances, all of which were in Bitcoin. However, Bitfinex was incapable of providing users with full compensation due to a shortage ...

Responsibility for crypto scams does not only belong to the cryptocurrency industry, it also involves banks, telecoms and social media platforms, Australian exchanges say. Cryptocurrency exchanges in Australia have been increasingly communicating with their users as part of preventative measures against scams. According to local crypto firms, such communication is the key to preventing scams as it is able to “break trust” between victims and scammers. Executives at major Australian crypto firms such as Cointree, CoinSpot and Swyftx met at a panel of the fintech conference Intersekt 2023 in Melbourne on Aug. 31 to discuss the issue of scams and fraud in crypto. At the panel, the executives mentioned a variety of measures taken by the platforms in order to protect their users from fraud, including automated and manual Anti-Money Laundering (AML) checks, investigations, education and communication. Cointree, CoinSpot, Swyftx and Chainalysis executives at Intersekt 2023. Source: Cointeleg...