US governments returns 27.7 BTC to Bitfinex following 120K Bitcoin hack

25 Feb, 2019 | Updated: 25 Feb, 2019
by Jelmer van der Dussen
Breaking News
US governments returns 27.7 BTC to Bitfinex following 120K Bitcoin hack

Bitfinex has announced on Monday that the US government has returned 27.7 BTC (worth $105K) to the exchange. The Bitcoins were unlawfully taken during a security breach in August 2016.

The exact amount that has been returned to Bitfinex is 27.66270285 BTC. According to the exchange, this BTC has been coverted to USD and paid to RRT (Recovery Right Token) Holders.

Bitfinex states that it has collaborated with international law enforcement since the well documented hack in August 2016, and that it got notified in November 2018 that the US government had obtained BTC believed to be taken during the 2016 hack.

The 27.7 BTC is only a small part of losses during the hack. During the security breach, 119,756 Bitcoins were stolen. On August 2nd 2016, this had a total worth of $72 million. Nowadays, this would have been worth about $450 million.

After the hack, Bitfinex launched a Hack Recovery Plan. With this plan, losses were generalised over all accounts and accounts were credited 1 BFX token for every dollar that they 'lost'. Within 8 months after the hack, all BFX token holders had their tokens redeemed at 100 cents on the dollar or exchanged their tokens for a capital stock of IFinex. The investors choosing iFinex shares received the Recovery Right Token.

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Read more about:BitfinexUnited States

Poll

Were you affected by the Bitfinex hack in 2016?

(18 votes)

Add a comment

justice prevailed. It is worth noting that Bitfinex returned the stolen funds to users immediately from its own capital
25 Feb, 2019 - 20:29
Yes. all because Bitfinex appreciates the trust of customers that it has won over the years. it really worries about their well-being
26 Feb, 2019 - 04:14
yeah, I saw bitfinex's refund plan, that was a good idea
18 Mar, 2019 - 19:55
In this situation both sides government and Bitfinex acted in the right way. Users should be satisfied by this news.
25 Feb, 2019 - 20:57
sure thing. pity that government acted lately but Bitfinex copes with it on it's own before. users respect it
27 Feb, 2019 - 07:39
users are alwayssafe with bitfinex, asit solves all the issues and questions fast
27 Feb, 2019 - 23:31
also, that's a good mark of good reputation, that Bitfinex has
22 Mar, 2019 - 18:38
Community should be glad together with Bitfinex users. This is really a very good end of the story.
25 Feb, 2019 - 21:15
surely. government helped even somehow. but bitfinex did a huge work itself
27 Feb, 2019 - 08:51
that's good that bitfinex could return the stolen money
25 Feb, 2019 - 22:40
bitfinex already returned almost all the funds before
27 Feb, 2019 - 13:26
yes 100 years ago
15 Mar, 2019 - 17:39
I was Bitfinex when it happened. This exchange acted decently right after that accident by paying back almost everything. Now when I`m reading this I`m sincerely glad and proud that there is some ethics left in this severe crypto world and its called Bitfnex.
26 Feb, 2019 - 16:36
I am with you, bro. I was surprised that government helped but bitfinex deserves it after all it did for users
27 Feb, 2019 - 20:20
it's a big luck for bitfinex!
26 Feb, 2019 - 21:46
don't think so. bitfinex coped almost with all the refunds and these 27 btc are just a tears...
27 Feb, 2019 - 09:19
It just shows that is it is a big and faithful exchange even government believes it!
05 Mar, 2019 - 19:53
luck that governement feels bitfinex as a reliable exchange
19 Mar, 2019 - 01:09
well that is good that US government returned the funds however it is not mentioned that bitfinex has used their own funds after the hack to give them to affected clients
27 Feb, 2019 - 10:42
as always. pr government, forget people (bitfinex)
01 Mar, 2019 - 10:04
After what's happened, the security should be bulletproof!
27 Feb, 2019 - 18:40
as we see bitfinex updated the platform and it works good
18 Mar, 2019 - 23:46
that's the really good-working system of the government.. seems it's very effective ))
27 Feb, 2019 - 20:22
it would be much more effective if government help when bitfinex team refunded all the users itself
01 Mar, 2019 - 10:35
yes right. very late help, but still good that government cares
14 Mar, 2019 - 06:27
I was not affected by bitfinex hack but saw that exchange refunded all the users. too late for government
27 Feb, 2019 - 23:48
I was affected but all funds are back lot of time ago. thx bitfinex for refund . it was a good lesson for us all
01 Mar, 2019 - 10:19
bitfinex had returned around $70 millions that is much more bigger sum that was returned by the government actually
08 Mar, 2019 - 15:30
You don't see news like that very often. A great thing.
28 Feb, 2019 - 08:35
it is the first time government helped cryptoexchange. it means bitfinex worth it
22 Mar, 2019 - 19:43
Do you really think that thee 27 BTC can be of help? Bitfinex has plat of users refund and it is almost done.
I don't believe to engorgement.
01 Mar, 2019 - 07:43
it is a little but still help. bitfinex deserves it
22 Mar, 2019 - 19:47
The last part of money finally returned to Bitfinex.
With a little help of government.
01 Mar, 2019 - 23:57
yep. I think there is a big help from government!
15 Mar, 2019 - 18:39
that's not something new for me but i can conclude that government things bitfinex is credible
03 Mar, 2019 - 21:22
if even government believes bitfinex it should be reliable
12 Mar, 2019 - 07:01
I was already using Bitfinex when it happened. You can imagine how I feel now when they finally retrieved the small rest of the funds lost in 2016. It deserves loyalty.
04 Mar, 2019 - 20:10
i assert that government would work not with any exchange but with reliable only.
so bitfinex is a reliable
04 Mar, 2019 - 21:16
we have nothing to do here. congrats to bitfinex and its users
15 Mar, 2019 - 08:36
a rare example when government could help an exchange
15 Mar, 2019 - 17:20
I was not affected but saw a lot of info that bitfinex refunded all the users
17 Mar, 2019 - 07:34
Even these numbers of Bitfinex can’t be enough for the haters to stop – that smells like bias I think
18 Mar, 2019 - 17:24
haters are always around so don't worry, they'll find smth to speak about.
anyway, it doesn't make bitfinex hurt
19 Mar, 2019 - 08:15
Well, Bitfinex is doing the right thing since new markets for USDT will offer us more prospects for trading.
19 Mar, 2019 - 02:37
isn’t that cool that Bitfinex reduced minimum withdrawal amount? I think it is for sure
19 Mar, 2019 - 02:57
I was not affected by a hack but I am surprised about how Bitfinex core team solved the issue
21 Mar, 2019 - 01:01
Bitfinex is on the right way with listing necessary options! These pairs are truly essential!
21 Mar, 2019 - 13:48
it was only 27 btf out of 1200 bit it is pleasure that gov helps cryptocommunity.
bitfinex users can be safe
22 Mar, 2019 - 09:29
Critics can rarely be unbiased – look how they bash on Bitfinex even thought their arguments were refuted many times
22 Mar, 2019 - 17:26
Going to be with Bitfinex – they read my thoughts literally and always do what I really need
22 Mar, 2019 - 19:13

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