Authorities returned Bitfinex some of the funds seized after hacking in 2016

Authorities returned Bitfinex some of the funds seized after hacking in 2016

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Author: Robert Strickland (crypto-journalist)
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Authorities returned Bitfinex some of the funds seized after hacking in 2016
The U.S. authorities returned to Bitfinex bitcoin exchange some of the funds seized after the hack in 2016
The amount returned was 6,917 BCH at current exchange rates and $312 thousand in cash

The U.S. Department of Homeland Security (DHS) returned to Bitfinex bitcoin exchange Bitfinex funds that were confiscated as part of an investigation into the site's 2016 hacking, according to a company press release.

The exchange lost almost 120,000 BTC ($71.8 million at the exchange rate at the time, more than $3 billion at the current price) in 2016 as a result of the hack. It has now recovered 6,917 BCH ($1949.9 according to the exchange rate at the time of writing) and $312,219.7 in cash.

"In accordance with Bitfinex's commitment to token holders, these amounts will go towards redeeming recovery right tokens (RRT) issued by the company following a security breach in 2016," the press release said.

Representatives of the site reminded us that there are 30 million RRTs in circulation. Under the terms, owners of tokens are available to exchange assets at a ratio of 1:1 per dollar of recovered funds.

In February 2022, U.S. authorities arrested 34-year-old Ilya Lichtenstein and 31-year-old Heather Morgan on charges of laundering 119,754 BTC stolen from Bitfinex. U.S. Justice Department officials then announced the largest confiscation of digital assets in the department's history at 94,636 BTC ($3.6 billion at the current exchange rate at the time).

The total value of cryptocurrencies and NFTs stolen by hackers during the first half of 2023 was $497.73 million. In June alone, hackers made 42 hacks of crypto projects, stealing $92.5 million in cryptocurrency. In addition, attackers stole $2.27 million in NFTs during the first month of summer.

 

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