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Bitfinex Hack: Bitcoin Recovered by US Authorities

In 2016 Bitfinex was hacked, now the US authorities have somehow managed to recover some of the lost Bitcoins(BTC) and give i
In 2016 Bitfinex was hacked, now the US authorities have somehow managed to recover some of the lost Bitcoins(BTC) and give it back to the exchange.

In 2016, when Bitfinex was hacked, many Bitcoins were stolen but now the US authorities have somehow managed to recover some of the lost Bitcoins(BTC) and give it back to the exchange. Though Bitcoins are recovered all the users will not be compensated.

At the beginning of this week, Bitfinex in Medium post has announced that for about 28 Bitcoins from the ones that were lost during the venomous attack that took place in 2016 have now been recovered and then thanked the work of US law enforcement agencies.

Bitcoins are now back to Bitfinex:

An evil hack that was suffered by Bitfinex in 2016 was clearly recorded in documents. From then onwards the platform has been cooperating with global anti-crime agencies to help them in finding the hackers along with the stolen funds.

In the previous year, the exchange received a notice from the government of the US regarding some of the Bitcoins (BTC)  that were stolen back in 2016 had been found.

Bitfinex has received for about 28 Bitcoins (BTC) back. Following the strategy of funds recovery, this crypto will be paid only to those who had the Recovery Right Token (RRT) in USD.

Recovery of funds after being hacked:

In the early days of August 2016, Bitfinex, intended to compensate its customers and to avoid fraud it decided to go with a special method to pay back its customers. They gave their clients BFX coins. Bitfinex was eager to pay out the damage to its customers.

Half a year after the theft, all those people who had the BFX tokens got their coins redeemed at 100 cents on the USD or had the chance to get their tokens swapped for shares of iFinex Inc. capital stock. After this, all BFX tokens were burnt. Bitfinex then launched a Recovery Right Token (RRT) token which was easily tradable were given to those users who changed their BFX coins into iFinex securities.

These Recovery Right Tokens (RRT) tokens were made for those people who did not use the BFX ones and wanted to wait for the retrieval of Bitcoins (BTC). Now that all BFX tokens have been exchanged for iFinex securities and burnt, the Bitcoins (BTC) that are transferred by the US government will be given back only to those people who had Recovery Right Token (RRT) with them which was then converted at the rate of 1 USD per 1 RRT.

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