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    Bitfinex Returns Portion Of Assets Stolen From 2016 Hack

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    Cryptocurrency exchange Bitfinex has achieved a significant milestone in its ongoing efforts to recover assets lost in a major hack that occurred in August 2016. The exchange has announced the recovery of a portion of the stolen funds, which will be used to compensate holders of its Recovery Right Tokens (RRTs) issued to affected creditors.

    Funds Returned by US Department of Homeland Security

    Bitfinex revealed that the United States Department of Homeland Security (DHS) has returned a total of $312,219.71 in cash and 6.917 Bitcoin Cash (BCH) to the exchange. These funds were accumulated through continuous efforts to recover assets lost during the security breach.

    The recent seizure of assets was carried out by the U.S. Customs and Border Protection and will be used to redeem RRT holders. Currently, there are 30 million RRT tokens in circulation, with a redemption value of $1 each. However, it is important to note that authorities still have a long way to go to fully compensate all token holders.

    The market price for Bitfinex’s Recovery Right Tokens (RRTs) experienced a surge following the announcement, climbing from $0.7 to $0.9 on Thursday. Although it retraced slightly to $0.75 at the time of writing, CoinGecko reported the increased investor interest in the tokens. Buyers of RRTs are essentially betting on Bitfinex’s successful recovery of assets, which would guarantee them a profit.

    Rewarding Token Holders and Collaborating with Law Enforcement

    Bitfinex has affirmed its commitment to working closely with relevant law enforcement agencies and the judicial system to recover all property stolen during the security breach. Once all RRT holders have been compensated, the exchange plans to allocate up to 80% of the remaining recovered assets to reward holders of its utility token, UNUS SED LEO.

    Although the return of funds by the DHS is a positive development, the recovered amount is still a fraction of the 119,756 BTC that was lost during the 2016 hack. At the time of the incident, the stolen Bitcoin was worth approximately $71 million, but the current valuation exceeds $3.6 billion. It is worth noting that the suspects behind the hack were apprehended by law enforcement, and the U.S. government made history’s largest-ever financial seizure by recovering most of the associated funds.

    In May, rumors circulated suggesting that the U.S. government might sell thousands of Bitcoin acquired from both the Bitfinex and Silk Road seizures. However, on-chain data proved these rumors false, indicating that the government has not liquidated any of the seized Bitcoin.

    The post Bitfinex Returns Portion Of Assets Stolen From 2016 Hack appeared first on Crypto Academy.

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