Close Menu
  • Home
  • Crypto News
  • Tech News
  • Gadgets
  • NFT’s
  • Luxury Goods
  • Gold News
  • Cat Videos
What's Hot

Ai animated Cat funny video #pets #funny #wildlife

May 12, 2025

Ticketmaster proudly announces it will follow the law and show prices up-front

May 12, 2025

Nakamoto Holdings and KindlyMD Merges With $710M to Form a BTC Treasury Vehicle

May 12, 2025
Facebook X (Twitter) Instagram
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA
Facebook X (Twitter) Instagram
KittyBNK
  • Home
  • Crypto News
  • Tech News
  • Gadgets
  • NFT’s
  • Luxury Goods
  • Gold News
  • Cat Videos
KittyBNK
Home » Bitfinex Declared Sole Victim in 2016 Hack; $7.4B Recovery Efforts
Crypto News

Bitfinex Declared Sole Victim in 2016 Hack; $7.4B Recovery Efforts

October 9, 2024No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bitfinex Declared Sole Victim in 2016 Hack; .4B Recovery Efforts
Share
Facebook Twitter LinkedIn Pinterest Email

Cryptocurrency exchanges Bitfinex has been officially declared the sole victim of the 2016 hack, which resulted in theft of approximately 120,000 Bitcoin (BTC), now valued at $7.4 billion. A recent US government filing confirmed that no other parties qualify as victims under existing laws, focusing restitution efforts solely on Bitfinex.

🚨 BREAKING: U.S. Gov 🇺🇸 confirms #Bitfinex as the sole victim eligible for restitution from the 2016 hack!

No other individuals qualify for claims to the seized #Bitcoin, according to court documents. Bitfinex is officially the “Victim Virtual Currency Exchange.”#crypto #btc pic.twitter.com/5h4oHGRbbl

— Cryptocurrency Inside (@Crypto_Inside_) October 9, 2024

Bitfinex Declared Sole Victim in 2016 Hack; .4B Recovery Efforts
Snippet from the Notification declaring Bitfinex as the Sole Victim in 2016 hack

The Hack and the Aftermath

The hack, which occurred in August 2016, was one of the largest in cryptocurrency history. Hackers exploited a vulnerability in the exchange’s security systems, gaining unauthorized access to customer accounts. The cryptocurrency exchange swiftly responded to the breach by suspending trading and withdrawals, conducted an emergency security audit, and notified law enforcement agencies.

The hack sent shockwaves through the cryptocurrency market with Bitcoin price plummeting by 20% in the aftermath, customer confidence was severely shaken, and the regulatory scrutiny intensified.

Bitfinex’s Mitigation Efforts

Bitfinex took swift action to mitigate losses, distributing the shortfall across customer accounts and issuing BFX tokens to affected users. These tokens were fully redeemed by April 2017. The cryptocurrency exchange’s proactive approach also included collaboration with law enforcement agencies, leading to recovery of a significant portion of the stolen assets. In February 2022, authorities seized 94, 643 BTC marking a major breakthrough in the investigation. This recovery accounts for nearly 80% of the stolen funds.

The recovered assets will be used to fulfill obligations to holders of Recovery Right Tokens (RRTs) and potentially allocate remaining funds to UNUS SED LEO token holders.

Despite initial controversies surrounding its loss-sharing model, Bitfinex’s resilience has allowed it to remain operational and continue its recovery efforts.

The exchange’s determination has earned praise from the cryptocurrency community. Bitfinex’s perseverance is testament to their dedication to customers and industry,’ said cryptocurrency expert.

Also Read: Bitcoin Price to $90K or $40K? US Elections Hold the Key


Credit: Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Nakamoto Holdings and KindlyMD Merges With $710M to Form a BTC Treasury Vehicle

May 12, 2025

Top Altcoins Poised for a 10x Rally as Bitcoin Nears All-Time High

May 12, 2025

Pi Coin Breaks 2-Month Streak, Moo Deng Soars 540%!

May 12, 2025

Will Bitcoin Price Hit New ATH in Next 24 Hours? 

May 12, 2025
Add A Comment
Leave A Reply Cancel Reply

What's New Here!

Even More iPhone 16 and 16 Pro Specs Leaked

March 31, 2024

ChatGPT Predits Massive Gains For Shiba Inu In Q2 2024

March 16, 2024

HILARIOUS CAT VIDEOS: BRITISH SHORTHAIR KITTENS PLAYING VOLLEYBALL🔥

August 13, 2024

How DeepSeek R1 was Designed and Created

January 28, 2025

Lightning Labs successfully tests Bitcoin blockchain stablecoins

May 13, 2024
Facebook X (Twitter) Instagram Telegram
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA
© 2025 kittybnk.com - All Rights Reserved!

Type above and press Enter to search. Press Esc to cancel.