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Cryptocurrency exchange Bitfinex has recovered some of the funds it lost after being hacked in August 2016.<\/p>\n
The recovered assets will be used to compensate holders of the exchange’s Recovery Right Tokens (RRTs), which were issued to impacted creditors after the security breach.<\/p>\n
As declared<\/a> by Bitfinex on Thursday, the United States Department of Homeland Security (DHS) has returned $312,219.71 in cash and 6.917 in Bitcoin Cash (BCH) accumulated from ongoing efforts to recover assets from the hack.<\/p>\n \u201cWe are extremely pleased to be able to reach another successful milestone in the recovery of assets stolen from Bitfinex in 2016,\u201d said Paolo Ardoino, Chief Technology Officer of Bitfinex.<\/p>\n This month’s specific seizure was conducted by US Customs and Border Protection and will be used to redeem RRT holders. There are 30 million RRT tokens in circulation redeemable for $1 each, meaning authorities still have much more to recover to compensate token holders.<\/p>\n Nevertheless, the market price for such tokens surged from $0.7 to $0.9 on Thursday, before retracing to $0.75 at the time of writing, according to CoinGecko. Buyers of such tokens are effectively betting on Bitfinex’s successful ability to recover assets, in which case they are guaranteed to profit.<\/p>\n After compensating all RRT holders, Bitfinex will use up to 80% of the remaining recovered assets to reward holders of Bitfinex’s utility token, UNUS SED LEO.<\/p>\n \u201cBitfinex continues to work with relevant law enforcement agencies and through the judicial system to recover assets stolen from the exchange during the security breach,\u201d wrote the exchange.<\/p>\n The proceeds still pale in comparison to the 119,756 BTC lost at the time. Worth just north of $71 million at the time, that same stash is now valued at over $3.6 billion.<\/p>\n Thankfully, law enforcement arrested the couple suspected of being behind the hack last year after they attempted to move funds<\/a> between blockchain addresses.<\/p>\n The DOJ recovered most of the associated funds as a result, making history’s largest-ever financial seizure<\/a>and turning the US government into the world’s largest single holder of BTC.<\/p>\n Rumors emerged in May that the government might be selling thousands of bitcoin gleaned from both its Bitfinex and Silk Road seizures, but on-chain data<\/a> proved such rumors false.<\/p>\n<\/p>\nBitfinex and the Largest Financial Seizure Ever<\/h2>\n
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