Bitfinex gets back 27 BTC stolen back in 2016

Posted 25 February, 2019

On Monday, Bitfinex crypto exchange reported that the US government has returned it some 27,66270285 BTC which were stolen after the hack back in August 2016 and later were discovered and seized by US law enforcement officers. That time Bitfinex lost 120,000 BTC in total ($72 million at the exchange rate at a point in time).

"Since the well-documented hack in 2016, Bitfinex has collaborated with international law enforcement agencies to provide intelligence and assist with investigations. Bitfinex was alerted in November 2018 that the U.S. government had obtained bitcoins believed to be proceeds from the 2016 hack," the exchange's blog post reads.

As the company representative stated, Bitfinex intends to convert the crypto into US dollars for further transfer to RRT token holders. According to the original compensation plan, the victims of the hack received BFX debt tokens, which were successfully repaid within 8 months. Moreover, users had an opportunity to convert BFX tokens into RRT tokens that could be traded. The funds lost during the attack and refunded later are listed in favour of RRT token holders.

Thus, the RRT market rate reflects investors' expectations as for the likelihood of the return of stolen crypto. Given the recent news, the RRT to US dollar rate rose 2-fold from $0.035 to $0.07.

Bitfinex CFO Giancarlo Devasini concluded:

"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… 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." 

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25 February, 2019 15:55

← US dollar loses grounds affected by better risk demand

In Europe this week started with a drop in the US dollar rate. The reason behind the drop is the decision of Donald Trump to postpone import duties on Chinese products, which initially were slated for March 1. As a result, the market saw a skyrocketing demand for risk assets. The euro-to-US dollar rate hiked to a multi-week peak at $1.1360 amid the expectations that the leading world economics may eventually manage to come to terms and sign a trade agreement which could re-energize slackening economy in Europe.

US dollar loses grounds affected by better risk demand

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25 February, 2019 14:12

Coinbin declares bankruptcy facing heavy losses on fund misappropriation →

South Korean crypto exchange Coinbin (the successor of hacked Youbit) has reportedly filed for bankruptcy after it suffered material damage in the amount of $26 million. Coinbin CEO Park Chan-kyu declared bankruptcy on February 20. For now, the platform has suspended all payments in cryptos and might be carried out later according to the procedures provided by law.

Coinbin declares bankruptcy facing heavy losses on fund misappropriation
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