According to reports, Bitfinex recovered 27.7 bitcoin that was stolen by hackers in August of 2016. However, the company reported this on Monday. The coins were worth around $106,000 at the time of writing. They represent a small fraction of the total BTC stolen. Stolen Bitcoin Recovered By Bitfinex.

 

U.S. government enforcement agencies recovered the bitcoin and returned it to the cryptocurrency trade exchange company. The crime is one of the greatest ever thefts from a cryptocurrency exchange.  The Bitcoin hackers stole 120,000 BTC. It is worth about $72 million at the time.

 

Bitfinex said in explanation that the stored bitcoins will return to more than 5,000 victims of the heist, in cash. Bitfinex is the world’s seventeenth biggest, with exchanging volume of $443 million in the last 24 hours. It said it will convert the recovered BTC to dollars before dispersing the cash to its clients. Stolen Bitcoin Recovered By Bitfinex.

 

The company further details how it co-operated with anonymous law implementation offices from the U.S. and Europe. As indicated by a Reuters announcement, “to provide intelligence and assist with investigations.” In November, the U.S. government advised the British Virgin Islands-enrolled Bitfinex of the recuperation of the stolen bitcoin.

 

“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. It gives us great pleasure to be able to reimburse the traders that were loyal to us and believed in us at a very difficult time. 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.”

-Giancarlo Devasini, a chief financial officer at Bitfinex

Clients reclaimed those tokens for money or shares in iFinex Inc, Bitfinex’s parent organization after eight months. Clients who opted for equity got extra tokens. Thus giving them the right to directly get any finances recovered from the hack. Similarly, in a conversation with Reuters, a lawyer speaking to Bitfinex said the firm “would continue to work with law enforcement agencies to recover the remaining bitcoin.”

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