• 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

10 months 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

XRP Confirms Macro Reversal with Double Bottom Breakout

chest

XRP has broken through a decade-long resistance zone, confirming a macro reversal and establishing a strong foundation for a new upward cycle.

user avatarLi Weicheng

Bybit Halts PORT3USDT Trading to Protect Users

chest

Bybit has temporarily suspended PORT3USDT spot trading to protect its users, affecting market sentiment and liquidity.

user avatarAisha Farooq

BRETT Emerges as a Strong Memecoin Contender

chest

BRETT has quickly gained popularity as a memecoin on the Base chain, attracting significant attention from traders, developers, and meme enthusiasts.

user avatarBayarjavkhlan Ganbaatar

SPX6900 Tests Critical 17 Rebound Hurdle

chest

SPX6900 is currently testing a significant 17 rebound level, raising speculation about its future performance.

user avatarTenzin Dorje

Bitcoin's Correction Resembles S&P 500 Before Major Bull Market

chest

An analysis suggests that Bitcoin's current correction resembles the S&P 500's behavior before a major bull market.

user avatarMohamed Farouk

Short-Term Pressure on Bitcoin Amid Market Volatility

chest

Analysts indicate short-term pressure on Bitcoin due to market volatility and regional banking issues, with smaller holders reducing exposure.

user avatarElias Mukuru

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.