Bitcoin.>> $72 million in Bitcoin vanished in a cyber heist, sending prices crashing by as much as 20%. Hong Kong based exchange, Bitfinex reported a massive security breach earlier this week. Now that the extent of the hack is known, confidence in the virtual currency is being rattled.
And as Claire Baldwin reports, there still a lot to investigate.>> We don't know how the hackers gained access to the keys that allowed them to transfer the bitcoin. We don't know who the hackers were and we don't know exactly what they plan to do with the money.
We know that there are couple of levels of security on bitcoin exchanges. And to be clear, this had nothing to do with a block chain which is how the money is actually created, mined, and secured itself. This has to do with access to the bitcoin and how the bitcoin is transferred.
>> Bitfinex is the world's largest US dollar bitcoin exchange and this is one of the biggest ever bitcoin thefts. Experts say security is one of the biggest hurdles keeping Cryptocurrencies from circulating wider.>> One of the underlying issues that this raises has to do with information security and how do you secure anything.
The tech guys don't really have an answer. Basically, anything that's stored online is accessible potentially to hackers depending on how determined they are, how much money they have to spend and how big the prize is. And so that's kind of where the discussion is now is like how do you secure any of this?
>> It's not clear whether the Bitfinex hack was an inside job or a breach from the outside. The company has halted trading as well as deposits and withdrawals while authorities hunt down 120,000 missing virtual coins.