NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

BitGo Insurance Blog Taken down as Bitfinex Fiasco Continues

Gautham
Gautham
4 years ago
3 mins read
Bitfinex Partners with BitGo to Offer Multi-Signature Bitcoin Wallets to Customers

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Since Bitfinex lost over $72 million worth of bitcoins in the recent security breach, the focus is now being turned towards its wallet provider as well. BitGo, the Palo Alto-based Bitcoin security firm is responsible for offering Bitcoin wallet services to the affected platform.

While Bitfinex continues to investigate the origin of the hacking attack, disgruntled customers have found BitGo making few changes on its blog to prevent a blowback from the Bitfinex incident. According to reports, the Bitcoin wallet service provider has recently removed one of its blog posts. The post about insurance coverage for BitGo users was allegedly removed by the company after the Bitfinex incident. Those trying to access the link are countered by a 404 “Page not Found” error.

BitGo has maintained that there were no breach or security issues from its side. Similarly, few reports on the internet mention that Bitfinex has let BitGo off the hook by stating that the wallet provider has no role in the recent fiasco. However, a portion of the Bitcoin community feels that both BitGo and Bitfinex should be held liable for the loss of customers’ funds. Being the wallet service provider, BitGo should have to sign all the Bitcoin transactions happening in and out of the platform as well. But the hackers seem to have bypassed the whole setup to get away with close to 120000 bitcoins.

Screen Shot 2016-08-05 at 12.48.49 AM

BitGo’s insurance coverage for its users’ bitcoin funds may not be applicable in this case, as the company believes that there were no shortcomings from their part. However, by taking down the post announcing BitGo’s insurance coverage for Bitcoin theft has raised doubts about the company’s commitment to its customers.  Early last year, BitGo partnered with Innovation Insurance Group LLC to offer protection for up to $250000 under its XL policy.

In the announcement, BitGo had claimed that the insurance coverage includes protection from acts, errors or omissions of BitGo technology, processes and employees, including external hacking incidents and employee thefts. Now it is not clear whether Bitfinex wallets are covered under the protection plan or not. Also, as each individual user had his/her own BitGo powered wallet to store bitcoin on Bitfinex, whether they will be treated as individual BitGo service users or not is another question.

Bitfinex, in its update, has stated that the company is currently working on restoring limited account access to its users so that they can verify their funds. However, it will take some more time for Bitfinex to resume deposits, withdrawals and trading on its platform.

Ref: Twitter |Reddit |BitGo (Cached page)|Image: NewsBTC
Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

prix-token6900-explose-potentiel-x3

TOKEN6900 s’envole de 65 % : les acheteurs ciblent 0,022 $ et un potentiel x3 à court terme

Jeudi 4 septembre 2025 – Le TOKEN6900 explose : le meme coin surnommé “Murad Coin” s’est envolé de 65 %...

guillaumev 2 hours ago
Bitmine Adds Another $65.3M In Ethereum – Details

Bitmine Adds Another $65.3M In Ethereum – Details

Ethereum continues to display resilience in the face of recent volatility, holding firmly above the $4,200 level. Despite this strength,...

Sebastian Villafuerte 5 hours ago

MEXC Blocks $4.97M in Fraud and Recovers $902K in User Funds, New Report Reveals

Global crypto exchange MEXC said its insurance fund hit an all-time high of $559 million USDT in July, as the...

NewsBTC 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

XRP

XRP Poised For Amazon-Like Boom? Analyst Predicts $200 Rally

Christian Encila 1 hour ago
Bitcoin

Crypto Analyst Warns 90% Bitcoin Price Crash Is Coming, Here’s When

Scott Matherson 2 hours ago
crypto-us-trading-spot-autorise-sec-cftc

Crypto US : trading spot autorisé par la SEC et la CFTC

guillaumev 2 hours ago

Premium Sponsors

Press Releases

  • miner

    ALL4 Mining Upgrade Injects New Power into Cardano (ADA)...

    3 hours ago
  • Bitget and Bitget Wallet Support Trading of Over 100...

    6 hours ago
  • Анализатор прогнозира, че BTC ще достигне 125 000 USD този месец

    Анализатор прогнозира, че BTC ще...

    9 hours ago
  • Un analist prezice că BTC va atinge 125.000 USD luna aceasta – presale-ul HYPER se apropie de 14 milioane USD pentru modernizarea Bitcoin-ului

    Un analist prezice că BTC va atinge 125.000 USD luna...

    10 hours ago
  • Top Altcoins

    Presale tiền điện tử hot nhất tháng 9: Top 4...

    10 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.