US law enforcers return 27 Bitcoins to Bitfinex from 2016 hack

bitfinex hacked bitcoins returned

The exchange cryptocurrency exchange Bitfinex came under attack in 2016, and the hackers got away with one hundred and twenty thousand (120,000) Bitcoins. The crypto exchange has received a total of quarter less than twenty-eight (27.66 BTC) Bitcoins.

The amount totals to a hundred and five thousand dollars ($105027) at the time of publishing. The company has received the said amount in Bitcoin due to the law enforcement efforts however the details of these efforts are still unknown.

On the other hand, Bitfinex in their medium post that a recovery method has been “outlined” by the company and law enforcers for the recovery of remaining coins.

Bitfinex has already paid all users either in their BFX token that was valued at one dollar for one BFX at the time of the hack. Other methods included direct payments to the users at the rate of one hundred cents for each dollar lost.

The exchange had also created a recovery right token (RRT) that would transform the BFX tokens into shareholding in the company. The recovered Bitcoins would now be distributed among the users at the rate of one dollar for one RRT.

Experts have revealed that the total amount recovered in Bitcoin was worth two hundred and twenty million ($220m) at the Bitcoin peak. Whereas, at the time of publishing the total Bitcoins stolen from Bitfinex are worth is worth four hundred fifty-three million dollars ($453519600).

Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

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