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Home»Taxes & Regulation»Bitfinex to recoup stolen Bitcoin after US restitution mandate
Taxes & Regulation

Bitfinex to recoup stolen Bitcoin after US restitution mandate

January 16, 2025No Comments2 Mins Read
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The recent ruling by the US government ordering the return of 94,000 Bitcoin (BTC) to Bitfinex in connection with the 2016 hack has brought a new twist to the high-profile case. The decision, which stated that there is no specific victim for the offenses of conviction, paves the way for the exchange to receive the seized assets from the “Bitfinex Hack Wallet.”

This ruling is in line with a previous US government filing from October 2024, which identified Bitfinex as the sole victim in this case. Despite seeking information on potential victims, no one came forward, leading to the restitution order being issued.

The restitution is linked to the plea agreements of Ilya Lichtenstein and Heather Morgan, who were at the center of the money laundering scheme involving 119,754 BTC stolen from Bitfinex. Both individuals pleaded guilty and were subsequently sentenced to prison terms for their roles in the crime.

The 2016 Bitfinex hack saw hackers steal nearly 120,000 BTC from the exchange, leading to a 36% reduction in user balances. To compensate users, Bitfinex issued BFX tokens at a 1:1 parity with the US dollar, which were later redeemed by April 2017.

In July 2023, Bitfinex received a sum of $312,219.71 in cash and 6917 Bitcoin Cash (BCH) from the US Department of Homeland Security. This amount will be used by the exchange to redeem Recovery Right Tokens (RRT) held by users. Additionally, up to 80% of any remaining assets will be allocated to UNUS SED LEO (LEO) token holders over an 18-month period.

See also  Could shifting GameStop's $5 billion cash reserve to Bitcoin ignite the MOASS?

This latest development in the Bitfinex hack case highlights the complexities and legal implications surrounding cryptocurrency theft and restitution processes. As the industry continues to evolve, cases like these serve as a reminder of the importance of security measures and regulatory oversight in the digital asset space.

Bitcoin Bitfinex mandate recoup restitution stolen
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