Magnr Pauses Trading Stirring Worry

Magnr "Savings and trust" announced in an email to customers today that it was pausing trading to review it's security measures. (archived) The letter stated:

"In the past 24 hours, Bitfinex has announced that their exchange has been victim of
a security breach resulting in the suspension of activity on their website until
further notice.

As a result, we have placed a temporarily pause on Magnr Trading. During this time,
clients will have the ability to liquidate existing open trades on Bitstamp and
itBit but will not be able to open new trading positions."

While Magnr says they monitor their service 24 hrs daily, users of the platform do not have control of any private cryptographic keys and therefore have little hope of recovering any funds stored therein were the company's servers to experience a breach.

4 thoughts on “Magnr Pauses Trading Stirring Worry

Leave a Reply

Your email address will not be published.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

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>