- Crypto exchange Bitfinex has managed to recover $315,000 that was lost in a hack in 2016.
- The exchange recovered the funds with help from the U.S. Department of Homeland Security.
- The recovered funds will be redistributed among the victims of the hack on the crypto exchange.
- The 2016 hack drained nearly 120,000 Bitcoins from the exchange, which are currently valued at $3.7 billion.
British Virgin Islands-based Bitfinex has managed to recover $315,000 lost in a hack nearly seven years ago. The United States Department of Homeland Security helped the crypto exchange recover the funds in the form of cash and cryptocurrencies as part of an ongoing prosecution of the persons associated with the hack.
Bitfinex Will Redistribute Recovered Funds To Its Victims
According to a report by Bloomberg, Bitfinex worked with Homeland Security to recover the funds that were lost in a hack back in August 2016. The hack drained 120,000 Bitcoins from the crypto exchange which was valued at approximately $72 million at the time. At the time of writing, the stolen Bitcoin was valued at a whopping $3.7 billion. The latest recovery is part of the exchange’s ongoing efforts to work with law enforcement and other agencies to recover the crypto assets stolen from the platform.
The U.S. government continues to make progress in prosecuting individuals involved in the Bitfinex security breach and in seizing funds associated with the theft.”
Bitfinex Staff
The recovered funds will be redistributed among the holders of Bitfinex’s Recovery Right Tokens. These digital coins were issued to the victims of the hack and represent the funds owed to them. However, given that there are nearly 30 million Recovery Right Tokens in circulation, the victims will likely be refunded a negligible amount from the recent recovery. Authorities arrested a couple last year for allegedly laundering billions worth of Bitcoins associated with the hack.