Bitcoins lost during the 2016 Bitfinex hack attack have been recovered
Crypto

Bitcoins lost during the 2016 Bitfinex hack attack have been recovered

By Stefania Stimolo - 25 Feb 2019

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The famous crypto-exchange Bitfinex announced today that it has recovered the 27,66270285 BTCs stolen after the hack attack that took place in August 2016, thanks to the collaboration and investigation carried out by the US government.

According to the statement, the 27.7 bitcoins will be converted into US dollars and distributed to the holders of the RRT (Recovery Right Token) tokens.

After the hack attack on the platform in 2016, Bitfinex had looked for a method to manage the whole situation, spreading the losses on all accounts and crediting BFX tokens to all users, on a 1:1 ratio with the US dollar.

All BFX holders could redeem their tokens by exchanging them for shares in the share capital of iFinex Inc. The circulating BFX tokens were then converted into RRT tokens as a recovery plan for customers awaiting reimbursement.

As a result, all the recovered bitcoins will be allocated in proportion to all RRT holders.

The CFO of Bitfinex, Giancarlo Devasini, said:

“Over two years following the hack of the Bitfinex platform, today we see the results of a clear and robust response strategy and the efforts of the U.S. government. It gives us great pleasure to be able to reimburse our traders that were loyal to us and believed in us at a very difficult time. We would like to thank U.S. federal law enforcement agencies for their ongoing efforts to investigate the security breach and their commitment to seizing and returning stolen assets.

We will continue to assist law enforcement with their inquiries, and also once again extend an open invitation to the hackers, or anyone harbouring information pertaining to the breach, to make contact in whichever medium they feel most secure with, to finally resolve the situation in a mutually beneficial manner.”

 

Stefania Stimolo
Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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