In the field of digital currency, the security of Bitcoin has always attracted much attention. There was an exchange that had 120,000 Bitcoins stolen, but it is still standing today. How did it do that? This article will explore the counterattack of this exchange in depth.

As an exchange that was once hit hard, the huge loss of 120,000 Bitcoins put it in extreme trouble. However, after the storm, the exchange did not choose to disappear on the edge of the market, but through a series of measures and strategies, it successfully revived and regained the trust of users and the respect of the market.

First of all, the exchange has taken strict security measures to strengthen the protection capabilities of the system. By introducing advanced encryption technology and multiple verification mechanisms, it effectively prevents hacker intrusion and ensures the security of user assets. This move not only improves the overall security level of the exchange, but also creates a reliable trading environment for users.

Secondly, the exchange pays attention to user experience and continuously optimizes platform functions and services. By improving the stability and speed of the trading system, the user trading experience is improved, attracting more users to join and trade. At the same time, the exchange has also launched a series of preferential activities and reward mechanisms to increase user stickiness and promote the growth of trading volume.

In addition, the exchange is also actively expanding its business and seeking more partners and investment opportunities. Through cooperation with other institutions, the exchange has been able to expand its business scope, enhance its industry status, and increase profit channels. This diversified development strategy not only brings more business opportunities to the exchange, but also lays a solid foundation for its future development.

After experiencing the painful lesson of 120,000 bitcoins being stolen, the exchange is well aware of the importance of security awareness. Therefore, they not only increased their security investment, but also established a complete risk management system to timely discover and solve potential security risks and ensure the stable operation of the exchange.

In general, the survival of this once-hit exchange is not only based on luck, but also on the efforts and wisdom of the team. Through unremitting efforts and continuous innovation, they have successfully achieved a counterattack and become a leader in the industry, providing safe and convenient trading services for the majority of digital currency users. In this market full of variables and challenges, the story of this exchange is undoubtedly a successful model, and it has also brought us many inspirations and reflections. May we learn from it, make continuous progress, and welcome a better future.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

What happened to the exchange that survived the theft of 120,000 bitcoins? At the end of February 2014, Mt.Gox was forced to suspend all trading activities because 850,000 bitcoins were missing. As a result, the price of bitcoin fell by 36 percentage points. Two years later, a hacker incident of the same scale occurred again. Bitfinex exchange was found to have a security vulnerability, resulting in the theft of 119,756 BTC from the platform, causing a drop of more than 25% in bitcoin on the same day. Today, Mt.Gox has been permanently recorded in history, but Bitfinex, which has also suffered a heavy blow, is still active among the mainstream exchanges.

The instructions that pop up when registering a Bitfinex trading account (screenshot from: Bitfinex official website)

Unlike other trading platforms that are committed to attracting users and traffic, Bitfinex has a high entry threshold at the beginning. Not only does it give you a "discouragement warning" right from the start - the platform certification is very slow, and if you want to deposit or withdraw money, the certification takes six to eight weeks to complete; it also has certain requirements for the user's entry funds and activity. According to the advice on the official website, users must have at least $10,000 to enter the transaction; in addition, if they do not trade after registration, they will have to pay an inactivity fee.

But even with these strict requirements, Bitfinex still attracted a large number of users to enter. Before 2018, the platform almost monopolized the entire emerging Bitcoin trading market. Some trading experts believe that this is the result of its P2P margin trading service. But behind this popular exchange, there are also a lot of controversies and black materials.

First, there were two large-scale thefts in the early years. The hacker attack mentioned at the beginning of the story caused a loss of more than 70 million US dollars at the time, equivalent to nearly 36% of the assets of platform users. However, Bitfinex later cleverly resolved the crisis by issuing a debt token called BFX. Although at the beginning, many people questioned that the token compensation was just a delaying tactic and Bitfinex had no intention of compensating; but six months after the token was issued, the exchange successfully redeemed all BFX tokens, completely resolving the debt crisis of this incident.

Screenshot from: Coinmarketcap

However, the hacker theft is just the tip of the iceberg in Bitfinex's dark history. Its frequently problematic fiat currency channels and ambiguous relationship with USDT have also brought many thunderstorms to the field. In 2017, Bitfinex was accused by anonymous netizens of issuing coins out of thin air and manipulating the market. In 2018, the platform repeatedly reported that its cooperation with traditional banks was interrupted. In 2019, Bitfinex was directly sued by the New York Attorney General's Office, claiming that it used Tether's funds to secretly make up for the platform's $850 million loss. But just like the previous theft incident, Bitfinex seems to be able to turn danger into safety and come back to life every time; despite the black material and infamy, it continues to issue platform coins LEO, actively enter the 1EO market and continue to be active in the cryptocurrency trading market.

However, after experiencing so many crisis moments, some users' trust in Bitfinex has dropped significantly; according to official data, during the period when the New York Attorney General's Office sued Bitfinex, platform users withdrew at least 30,000 bitcoins and 1 million Ethereum from the exchange. Moreover, as the competition among exchanges in the field becomes more and more fierce, Bitfinex's ranking in the global trading platform has fallen below 50.

On the surface, Bitfinex's influence on the market has been greatly weakened; but don't forget that there is an unspoken close connection between USDT, which currently accounts for more than 65% of the global trading volume, and Bitfinex.