When a nuclear warhead is dropped, not only is there an initial shockwave that deals a tremendous amount of damage, but radiation that lingers in the air, taking months until the place affected is fully recovered.
Same can be said for Bitcoin with the Bitfinex hack. It has been more than three days since news of the nearly $70 million hack broke news online, and we have already witnessed the price tumble from the low $600s hit a bottom near $460 and recovered a little bit to where it is right now at $570.
Not only has Bitcoin suffered through a price plunged more than 20%, but this is also the second largest Bitcoin exchange hack since the infamous Mt. Gox, destroying any confidence that Bitcoin may have earned since then. We now look at three important updates that have surfaced following the aftermath of the hack.
BitGo’s Insurance Now “Outdated”
Bitfinex’s Bitcoin was supposedly insured by the company BitGo. During this time, however, their Bitcoin theft insurance, which would have protected the users in a situation exactly like this, had the blog post which detailed the terms of the insurance taken off-line and later put