Bitfinex Receives Cash and Bitcoin Cash from US Department of Homeland Security
Bitfinex, a cryptocurrency exchange, has announced that it has received $312,219.71 in cash and 6.917 Bitcoin Cash (BCH) from the United States Department of Homeland Security. The seizure was carried out in collaboration with U.S. Customs and Border Protection. Bitfinex has been working with law enforcement and investigation agencies to recover assets stolen from the exchange in August 2016. The U.S. government has made progress in prosecuting individuals involved in the Bitfinex security breach and seizing funds connected to the theft.
Key Points:
– Bitfinex has received cash and Bitcoin Cash from the US Department of Homeland Security.
– The seizure is part of Bitfinex’s ongoing efforts to recover stolen assets from the 2016 security breach.
– The funds will be returned to victims of the hack on a pro-rated basis.
– Bitfinex issued Recovery Rights Tokens (RRTs) after the security breach, which will be redeemed with the recovered assets.
– The remaining assets will be paid to holders of Bitfinex’s native token, Unus Sed Leo (LEO).
In 2016, Bitfinex experienced a security breach that resulted in the loss of 119,576 customers’ Bitcoin, valued at $70 million at the time and $3.7 billion now. Two individuals, Ilya Lichtenstein and his wife, Heather Morgan, were arrested in February 2022 for allegedly conspiring to launder crypto connected to the hack. Special agents seized over 94,000 stolen BTC from the suspects. Recovery efforts for the funds are still underway.
Hot Take:
Bitfinex’s collaboration with the US Department of Homeland Security in recovering stolen assets from the 2016 security breach demonstrates the ongoing commitment of both the exchange and law enforcement agencies to combat cryptocurrency-related crime. The return of the seized funds to the victims and token holders is a positive development that highlights the importance of security measures and the potential for justice in the crypto space.
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