Cryptocurrency exchange Bitfinex has managed to recover over $312,000 in cash and nearly $2,000 in Bitcoin Cash was stolen in a 2016 security breach, thanks to the U.S. government for the key role it plays in the apprehension of the thieves.
The funds were recovered from the 2016 heist and were handed over to Bitfinex by the U.S. Department of Homeland Security, which was instrumental in apprehending the thieves and recovering the stolen digital assets.
“We are thrilled to announce another significant milestone in our ongoing efforts to recover the assets stolen from Bitfinex in 2016,” said Bitfinex CTO Paolo Ardoino. “We are committed to retrieving as much of the stolen bitcoin as possible and redistributing it to the holders of the tokens that were issued following the 2016 hack.”
The reclaimed funds will be distributed proportionately to the holders of Recovery Right Tokens (RRT), which were issued to those affected by the 2016 hack. RRT holders can exchange their tokens on a 1:1 basis with $1 of the recovered funds. There are still 30 million RRTs in circulation.
Crypto exchange Bitfinex lost 119,756 Bitcoins to a security breach in 2016. Since then, the U.S. government has been gradually recovering funds associated with the hack. In February 2022, the Justice Department recovered 94,000 BTC, valued at $3.6 billion at the time, on behalf of Bitfinex.
