BFX Crypto Exchange Review: What You Need to Know About BFX Tokens and Bitfinex

Nov, 10 2024

BFX Token Value Calculator

This calculator shows the historical value of BFX tokens created after Bitfinex's 2016 hack. Current BFX tokens are scams - the original tokens were fully redeemed by 2017.

Your Bitfinex account balance (2016):

Important: Each BFX token represented $1 of lost funds from Bitfinex's 2016 hack. Tokens were fully redeemed by 2017. Any current project claiming to sell "BFX tokens" is a scam.

There’s no such thing as a standalone "BFX Crypto Exchange" - at least not in the way you might expect. If you’re searching for a platform called BFX to trade Bitcoin or Ethereum, you’re likely mixing up two very different things: a BFX token issued years ago by Bitfinex, and a newer, less-known project called BlockchainFX. Confusion is common, and jumping into the wrong one could cost you money. Here’s what actually happened, who’s behind it, and what you should do if you’re considering anything labeled "BFX." Bitfinex, one of the oldest and largest crypto exchanges, launched in 2014. By 2016, it was handling billions in trades. Then, in August of that year, hackers stole 120,000 Bitcoin - roughly $72 million at the time. It was one of the biggest hacks in crypto history. Instead of hiding or blaming users, Bitfinex did something unusual: they created BFX tokens. Each BFX token represented $1 of lost funds. Every Bitfinex user, whether they lost money or not, saw their account balances cut by 36% to cover the loss. That was harsh. But then, users got a choice: hold the BFX tokens, trade them on the open market, use them as collateral for margin trades, or redeem them later for cash or cryptocurrency. Some even chose to convert their BFX tokens into shares of iFinex, Bitfinex’s parent company. Within eight months, all BFX tokens were fully redeemed and destroyed. Those who took equity got Recovery Right Tokens (RRTs), which gave them a shot at more money if Bitfinex ever recovered any of the stolen Bitcoin. By 2017, the whole mess was closed. No one’s still holding active BFX tokens today. So if someone today is selling you "BFX tokens" as a new investment, they’re lying. The original BFX tokens are gone. Dead. Burned. There’s no official revival. Any new project claiming to be "BFX" is unrelated. That’s where BlockchainFX comes in. This is a newer project, likely still in presale, that uses the BFX ticker symbol. Their pitch? An "all-in-one super app" for crypto trading, payments, and global markets - basically trying to be a mini-Binance. They claim to have third-party audits, full KYC, and verified smart contracts. But here’s the problem: no one knows who’s behind it. No clear team names, no LinkedIn profiles, no public roadmap. No real user reviews. No trading volume data. No exchange listing on CoinMarketCap or CoinGecko. The entire project lives on Telegram groups and promotional videos promising the "next big token boom." That’s a red flag. Legitimate exchanges don’t launch like this. They don’t rely on hype. They show transparency: who built it, where it’s registered, how funds are stored, how customer support works. BlockchainFX gives none of that. If you’re thinking of buying BFX tokens from this project, you’re not investing in an exchange - you’re gambling on a mystery. Now, let’s talk about Bitfinex itself. Even though it’s not called "BFX Exchange," it’s still one of the most advanced crypto trading platforms out there. It supports over 100 trading pairs, including obscure altcoins you won’t find on Coinbase. It offers margin trading, futures, and advanced order types. Its security is strict: 99.5% of funds are kept in cold storage, split across multiple hardware wallets with multisignature access. Only 0.5% stays online for daily withdrawals. Users must enable two-factor authentication, set withdrawal whitelists, and can lock down API keys to specific IP addresses. They even have anti-phishing codes on every page. But Bitfinex isn’t perfect. It’s based in the British Virgin Islands, which means it’s not regulated by the U.S. SEC or EU authorities. That’s why many American users can’t access it anymore. It’s also been under investigation by the CFTC and New York Attorney General’s office over its ties to Tether (USDT). Some traders still use it for liquidity and low fees, but if you’re in the U.S. or care about regulatory safety, you’re better off with Kraken or Coinbase. Decentralized exchanges (DEXs) like Uniswap or PancakeSwap offer another alternative. They don’t hold your funds - you keep control of your wallet. That means no one can hack your account from the exchange side. But DEXs aren’t safe from smart contract bugs. In 2020, hackers stole $250,000 from Bisq, a decentralized exchange, by exploiting a flaw in its code. So security isn’t just about being centralized or decentralized - it’s about how well the code is written and audited. If you’re looking to trade crypto, here’s what you should do:

If you’re searching for BFX tokens as an investment - walk away. They don’t exist anymore.
If you’re being sold BFX tokens by a new project called BlockchainFX - do your homework. Check their GitHub, LinkedIn, audit reports, and community size. If nothing’s verifiable, it’s a scam.
If you want a reliable exchange with advanced tools - use Bitfinex, but only if you’re outside the U.S. and understand the regulatory risks.
If you want safety and compliance - choose Kraken, Coinbase, or Gemini. They’re regulated, insured, and have clear customer support.

The crypto world moves fast. New projects pop up every week promising to change everything. But the ones that last? They don’t need flashy names like "BFX." They don’t need to rebrand old hacks. They build trust slowly - with transparency, audits, and real users. Don’t chase a name. Chase a track record. Bitfinex survived a $72 million hack because it owned up to it. BlockchainFX? It hasn’t even launched yet. And yet, it’s asking you to send money. That’s not innovation. That’s risk - and it’s not worth it. If you’re new to crypto, stick with platforms that have been around for years. They’re not sexy. They’re not promising 100x returns. But they’re the ones that will still be here when the hype dies down.

21 Comments

Louise Watson
November 14, 2025 AT 11:36

BFX tokens are dead. Don't touch them.
Liam Workman
November 15, 2025 AT 18:10

I love how crypto keeps recycling old ghosts like they're vintage wine. BFX? Nah. That's just the ghost of a hack haunting newbies. 🌫️💎

It's wild how people still chase names instead of substance. Bitfinex survived a $72M heist by owning it - now we got some Telegram group with a logo and a dream calling itself BFX. 🤡

I get it. We all want that 100x. But real value doesn't whisper in DMs. It publishes audits, shows faces, and answers questions. BlockchainFX? More like Blockchain... *mystery*.

And honestly? The fact that people still fall for this stuff says more about us than the scammers. We're wired for magic, not math. We want the fairy tale, not the financial statement.

But here's the truth: if you can't find a team on LinkedIn, you're not investing - you're donating to a mood board.

I used to trade on Bitfinex back in the day. Brutal, yes. But transparent. They didn't hide. They rebuilt. That's leadership.

Now? We got TikTok crypto gurus with fake screenshots and a Discord server named "BFX MOON BOYS."

Don't be the guy who buys the ghost. Be the guy who walks away. The market rewards patience, not panic.

And if you're still tempted? Ask yourself: Would I give my life savings to someone who won't tell me their last name?
Edward Phuakwatana
November 16, 2025 AT 16:19

Biggest red flag? No CEX listing on CoinGecko or CoinMarketCap. Zero. Nada. If it's not on the major aggregators, it's not real. BFX token = defunct. BlockchainFX = rug pull in beta.

Also, the fact they're using the same ticker as a legacy token? Classic spoofing. They're banking on the emotional weight of Bitfinex's history to lure in the old-schoolers. Sneaky.

And don't even get me started on "third-party audits" - those are often just PDFs generated by a freelance dev on Fiverr. Real audits are live on GitHub with verifiable signatures. This? Nah.
Suhail Kashmiri
November 16, 2025 AT 21:04

You people are so gullible. If you're buying BFX tokens from some Telegram group, you deserve to lose everything. No KYC? No team? No roadmap? That's not crypto - that's a pyramid scheme with a fancy logo. Get a job. Save your money. Stop chasing ghosts.
Kristin LeGard
November 18, 2025 AT 17:58

Of course Americans are falling for this. You guys think "blockchain" means "free money" and "audit" means "a nice PDF." Meanwhile, real exchanges are regulated, taxed, and accountable. You want freedom? Go live in a cave. Don't pretend your crypto gambling is innovation.
Arthur Coddington
November 19, 2025 AT 19:14

I read the whole thing. Honestly? I'm just mad I wasted 12 minutes of my life. Why does crypto always have to be this dramatic? Someone stole Bitcoin. Someone made tokens. Someone made more tokens. Someone lied. Someone got rich. Someone got ruined.

It's all just... noise.

Can we just agree that the whole industry is a circus and move on?
FRANCIS JOHNSON
November 20, 2025 AT 23:42

This is the kind of clarity the crypto world desperately needs. 🙌

Bitfinex didn’t run from the hack - they faced it. They turned trauma into transparency. That’s leadership. That’s integrity.

And now? We’ve got anonymous teams selling "BFX" like it’s a limited-edition sneaker drop. They’re not building - they’re harvesting.

Don’t confuse hype with history. Don’t mistake silence for innovation. Real projects don’t need to scream. They show up. They deliver. They grow.

If you’re new to crypto? Start with Kraken. Stay there for a year. Learn the rhythm. Then decide if you want to dance with the shadows.

You’re not late to the party. You’re just smart enough to wait for the music to make sense.
Ruby Gilmartin
November 21, 2025 AT 18:27

The fact that this post even needs to exist is embarrassing. People are still getting scammed by token rebrands? You're not victims. You're enablers. If you don't know how to check a blockchain explorer or verify a team on LinkedIn, you shouldn't be touching crypto at all. This isn't a learning curve - it's a warning sign.
Douglas Tofoli
November 22, 2025 AT 04:57

Man I just read this and my brain hurt but also felt smart? Like I finally get it. BFX is dead. BlockchainFX is sketch. Bitfinex is still kinda cool but no US access. Kraken is safe. DEXs are risky but you own your keys. Got it.

Also I think I spelled "Bitfinex" wrong in my last post lol oops.
William Moylan
November 23, 2025 AT 05:58

THIS IS ALL A COINBASE AND CFTC COVER-UP. They let Bitfinex off the hook so they could push their own regulated platforms. BFX tokens are still out there - they’re just hidden in offshore wallets. The "burned" narrative? A lie. The real BFX is being hoarded by the elite to manipulate the market later. You think they’d just destroy $72M worth of value? That’s not capitalism - that’s a psyop.
Michael Faggard
November 23, 2025 AT 14:28

If you're considering any "BFX" token - stop. Breathe. Walk away.

Here's your checklist: Is there a public team? Yes? Good. LinkedIn profiles? Yes? Better. Audits on GitHub? Yes? You're in the top 5%.

BlockchainFX? No team. No transparency. No credibility.

Don't be the one who says "I thought it was legit."

Be the one who says "I did my homework."

That's how you survive this space.
Elizabeth Stavitzke
November 25, 2025 AT 02:33

Oh look. Another "revolutionary" project that couldn't get past a Fiverr gig. BlockchainFX? Cute. You know what else was "innovative"? My 12-year-old cousin’s PowerPoint titled "Crypto For Dummies (But Make It Cool)."

Meanwhile, Bitfinex actually had to pay back users. Real people. Real losses. No emojis. No memes. Just accountability.

Keep chasing ghosts. I'll be here, trading on Kraken with my socks on.
Ainsley Ross
November 25, 2025 AT 04:01

Thank you for this comprehensive breakdown. The distinction between legacy BFX tokens and the new BlockchainFX project is critical, and many newcomers are unaware of this history.

Bitfinex’s decision to issue BFX tokens, while controversial, demonstrated a rare level of responsibility in an industry often defined by opacity.

For users outside the U.S., Bitfinex remains a powerful tool - but regulatory clarity and personal risk tolerance must always come first.

For those seeking safety, regulated platforms are not a compromise - they are a foundation.
Brian Gillespie
November 25, 2025 AT 16:37

Dead tokens. Fake tokens. Real risks.
Joanne Lee
November 25, 2025 AT 17:24

I appreciate the depth of this analysis. It's rare to see such a clear demarcation between historical context and current scams. The emotional weight of the 2016 hack and Bitfinex's response is often overlooked in today's hype-driven environment.

It's also worth noting that the absence of a public team on BlockchainFX isn't just a red flag - it's a fundamental violation of trust in decentralized systems. Transparency isn't optional; it's the core principle.
Laura Hall
November 27, 2025 AT 15:43

I used to think crypto was just a wild west. Now I realize it's more like a haunted carnival where every ride is rigged and the clowns are selling you tickets to your own downfall.

But hey - I’m not mad. I’m just... tired.

Bitfinex did the right thing by owning up. That’s more than most can say.

And if someone’s selling you "BFX" now? Just say no. And maybe send them this link. We all need a little more truth in this mess.
Arthur Crone
November 28, 2025 AT 03:39

BFX is dead. BlockchainFX is trash. Bitfinex is a liability. End of story.
Michael Heitzer
November 28, 2025 AT 23:45

This is why I love crypto - not for the gains, but for the lessons.

Bitfinex didn’t just survive a hack - they turned it into a masterclass in accountability. They could’ve buried it. They could’ve blamed users. They didn’t.

Meanwhile, BlockchainFX? They haven’t even launched. But they’ve already mastered the art of pretending they’re something they’re not.

Real innovation doesn’t need hype. It doesn’t need a ticker symbol. It doesn’t need a Telegram group full of bots.

It just needs time, transparency, and people who care more about building than broadcasting.

If you’re looking for the next big thing? Look at the ones who’ve been quiet for years. Not the ones screaming the loudest.
Rebecca Saffle
November 30, 2025 AT 21:30

I can't believe people still fall for this. You're not "investing," you're handing over your life savings to a bunch of anonymous people who probably live in their mom's basement. And then you wonder why you're broke. This isn't finance. It's a cult.
Adrian Bailey
December 1, 2025 AT 00:01

Okay so I read this whole thing and I'm kinda shook. I thought BFX was some new altcoin I missed. Like I was gonna buy it on Gate.io or something. Turns out I was about to give money to a ghost and a scammer at the same time 😅

Also I just checked CoinGecko - no BFX token. No BlockchainFX either. So like... where are these people even selling it? Some random website with a .xyz domain? Yeah. That's not a platform. That's a phishing link with a logo.

And Bitfinex? I used to trade there back in 2017. They were rough around the edges but at least they didn't lie. I remember the BFX token thing - it was wild but kinda fair? Like, everyone lost 36% but at least you got a shot at getting some back later.

Now? Everyone's just screaming "1000x" and nobody's showing their ID. I'm gonna stick with Coinbase for now. Boring? Yeah. Safe? Also yeah.

Also I just realized I spelled "Bitfinex" wrong like 5 times in this comment. My bad. But you get the point.
Liam Workman
December 1, 2025 AT 15:51

You know what’s funny? The people who bought BlockchainFX tokens are probably already in the Telegram group calling themselves "BFX Millionaires."

Meanwhile, the real BFX holders from 2016? They got actual equity. They waited. Some even got paid back years later when Bitfinex recovered a sliver of the stolen BTC.

Patience doesn’t trend on Twitter. But it pays off.

And if you’re still wondering whether to buy... ask yourself: Would I give my rent money to someone who won’t show me their face?

Yeah. Thought so.