US Government Retrieves Bitfinex Hacked Funds

US Government Retrieves Bitfinex Hacked Funds

The US Government has retrieved $104,000 worth of Bitcoin for the exchange platform, Bitfitnex.

This reclamation will see 28 Bitcoins back in the hands of Bitfinex, who will pass them back on to around 5000 of their customers in US Dollars. The news was announced via a blog post from Bitfinex themselves, who suffered a major hack back in 2016 that lost the platform close to 120,000 Bitcoin in total, making it one of the largest hacks of a cryptocurrency exchange ever.

At the time, the amount of Bitcoin that was taken in the heist would have been worth close to $27 million. As such, the amount retrieved is a mere fraction of the total amount lost. However, the fact the government intervened is very significant in the cryptocurrency world and is the first time such a situation has ever occurred in the crypto world.

Discussing the result of the investigation, Bitfinex’ Chief Financial officer, Giancarlo Devasini, stated, “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.”

Many concerns have been raised about hacking in the cryptocurrency world of late. The cybersecurity firm, CipherTrace releveled $950 million worth of cryptocurrencies were stolen last year. While this year has also seen a major hack when the New Zealand-based Cryptopia Exchange platform was forced into liquidation following a 3.2 million loss in tokens.

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