U.S. government returns Bitcoin following 2016 Bitfinex hack

The reimbursements are just a small part of what was stolen

In 2016, Bitfinex was hacked and 119,756 Bitcoin (BTC) stolen in the largest cryptocurrency exchange theft since the Mt. Gox implosion of 2014. After U.S. law enforcement got involved, investigators were able to track a small portion of the stolen funds, which will now be distributed among some of the exchange’s users.

Bitfinex said in a blog post today that law enforcement officials had confirmed that they will be distributing 27.66270285 BTC – $104,000. It indicates, “Since the well-documented hack in 2016, Bitfinex has collaborated with international law enforcement agencies to provide intelligence and assist with investigations. Bitfinex was alerted in November 2018 that the U.S. government had obtained bitcoins believed to be proceeds from the 2016 hack.”

In a blog post regarding the reimbursements, Bitfinex CFO Giancarlo Devasini added, “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 our 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.”

While the financial restitution will certainly be welcome, the amount recovered was only a small portion of what was stolen. The U.S. government has reportedly only been able to track 0.023% of the total BTC stolen during the hack.

Don't Miss these ACR News Stories
  • JOIN NOW
    Join the most trusted US poker site since 2001 and get a 100% bonus on your first deposit, up tp $1,000!
  • STAY UP TO DATE
    Stay up to date on the latest poker news through social media. Join us at Facebook/americascardroomnet and follow us @ACR_POKER on Twitter. We invite you to share ideas and reactions.