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What a good start of the New Year for those holding Bitcoins! Web-based digital currency Bitcoin has passed $1,110 for the first time on the Bitstamp Price Index (BPI) since early November 2013. Bitcoin broke the barrier on 1 January and now is trading above $1,150 mark at the time of writing, marking a bright beginning to 2017 for the digital currency. At the time of writing, 1 Bitcoin = $1158.99. Bitcoin is a revolutionary virtual currency that has no central authority; instead, it relies on thousands of computers worldwide that validate transactions and add new Bitcoins to the system. The world's first and most famous cryptocurrency is developed around Blockchain, which is a complex cryptographic protocol and a global computer's network that oversees and verifies which Bitcoins have been spent by whom. The identity of the people spending Bitcoins is extremely difficult to trace because of its anonymous nature. Therefore, the currency is very popular among criminal

Hong Kong-based Bitcoin exchange 'Bitfinex' that lost around $72 Million worth of its customers' Bitcoins last week is now offering a reward of $3.5 Million to anyone who can provide information that leads to the recovery of the stolen Bitcoins. Bitfinex revealed on August 2 that the cryptocurrency exchange had suffered a major security breach, which resulted in the loss of nearly 120,000 BTC. The hack led to a 36 percent loss for each Bitfinex customer, who will be issued tokens to be redeemed as the company is able to reimburse the losses. Now, the exchange is willing to offer 5% of the lost funds ( nearly 6,000 BTC ) as a reward for the recovery of the stolen bitcoins. The news came after a Reddit user, using alias someguy916, inquired about a reward Bitfinex would be willing to offer for the stolen bitcoins. In response to the question, Bitfinex community director Zane Tackett stated that a bounty would be awarded to anyone who has information that would hel

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Yet another blow to Bitcoin: One of the world's most popular exchanges of the cryptocurrency has suffered a major hack, leading to a loss of around $72 Million worth of Bitcoins. Hong Kong-based Bitcoin exchange ' Bitfinex ' has posted a note on their website announcing the shutdown of its operation after discovering a security breach that allowed an attacker to steal some user funds. While the company did not mention a total amount lost in the breach, one of their employees — Bitfinex community director Zane Tackett — confirmed on Reddit that the total amount stolen was 119,756 bitcoins — worth up to $72 Million in cash. The cause of the security breach and the hacker behind the incident is still unclear, but the attackers appear to have mysteriously bypassed Bitfinex's mandated limits on withdrawals. "The theft is being reported to — and we are co-operating with — law enforcement," Bitfinex statement reads. "We will look at various options to