• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin Return to Bitfinex: US Court Confirms Restitution

user avatar

by Giorgi Kostiuk

a year ago


The U.S. government announced that over 94,000 bitcoins, stolen in the 2016 Bitfinex hack, are to be returned to the exchange, as confirmed by a recent court filing.

Details of the Court Case

A filing submitted to the U.S. District Court for the District of Columbia confirmed that Bitfinex was the sole victim of the theft. This follows plea agreements with Ilya Lichtenstein and Heather Morgan, who admitted to conspiring to launder 119,754 bitcoins.

History of Bitcoin Theft and Laundering

The 2016 hack involved the theft of 120,000 bitcoins, now valued at over $12 billion. Lichtenstein and his wife, Heather Morgan, also known as the rap artist “Razzlekhan,” laundered the stolen funds using crypto mixers, complex transactions, darknet markets, and other techniques. The pair were arrested in 2022, and authorities seized bitcoins valued at nearly $4 billion — marking the Department of Justice's largest asset seizure.

Bitfinex's Reaction and Plans for Returned Funds

Bitfinex had previously announced plans to use 80% of any recovered funds to buy back and burn UNUS SED LEO tokens over an 18-month period to reduce the number of tokens in circulation. These actions followed the token's issuance to mitigate customer losses from the hack.

The U.S. government emphasized the importance of ensuring restitution and confirmed the absence of other claimants for compensation.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Inside USA House Event in Davos Shows No Links to Cryptocurrency

chest

The recent Inside USA House event in Davos has drawn attention, but thorough verification has revealed no connections to cryptocurrency discussions.

user avatarMaria Gutierrez

Expert Reactions to Proposed Presidential Crypto Ban

chest

Financial ethics specialists have mixed reactions to the proposed ban on cryptocurrency transactions for government officials.

user avatarDavid Robinson

Long-Term Conviction in XRP Amid Short-Term Volatility

chest

X Finance Bull contrasts long-term research-driven conviction with short-term market reactions regarding XRP, highlighting the inconsistency of recent selling pressure with institutional readiness.

user avatarAndrew Smith

Avalanche Price Shows Signs of Recovery

chest

Avalanche price is hovering around $12, indicating a potential recovery phase after a sharp pullback.

user avatarJacob Williams

World Liberty Financial's Bank Charter Application Advances Amid Political Controversy

chest

World Liberty Financial's national bank charter application is progressing through the OCC review process amid political controversy, with concerns raised by Senator Elizabeth Warren regarding potential conflicts of interest.

user avatarSon Min-ho

OCC Rejects Senator Warren's Investigation Request for World Liberty Financial

chest

The US Office of the Comptroller of the Currency has rejected Senator Elizabeth Warren's request for a special investigation into World Liberty Financial's bank charter application, affirming its commitment to standard procedures.

user avatarZainab Kamara

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.