The price of Bitcoin has sunk over 10 percent after Hong Kong based exchange Bitfinex admitted it had been hacked.

Bitfinex confirmed it had stopped trading and withdrawals on the platform after the breach was discovered, with hackers stealing around $65 million worth of the currency. In a statement on its website, Bitfinex said that it was “deeply concerned about the issue and we are committing every resource to try to resolve it”.

Wednesday is the second day of downward movement for Bitcoin this week, after it sunk 6.2 percent on Monday. The hack is one of the biggest in history, highlighting the weakness of using a solely internet based currency.

03/08/2016