Bitfinex has received $312,219.71 in cash and 6.917 BCH from the US DHS to recover stolen digital assets from 2016, ensuring fast payouts to affected individuals.
The digital assets that were taken from the Bitfinex digital asset trading platform in 2016 have been returned thanks to assistance from the US Department of Homeland Security (DHS).
DHS has now given Bitfinex $312,219.71 in cash and 6.917 BCH (Bitcoin Cash), according to a statement. The recovery is a part of Bitfinex’s ongoing attempts to recover assets that were taken from the exchange in August 2016 while cooperating with law enforcement and other investigation authorities.
Over 119,000 bitcoins were taken from the exchange during the attack. Every dollar it lost was instantly refunded to affected individuals by Bitfinex.
“Recovery Right Tokens” (RRT)
Recovered monies can now be given to users in the form of “Recovery Right Tokens” (RRT), which have a conversion rate of $1 each. According to the most recent development, holders of the RRT will have their tokens redeemed pro rata, based on the amount of RRTs they own as of July 6, 2023.
“We are ecstatic to be able to reach another successful milestone in the recovery of assets stolen from Bitfinex in 2016,” stated Paolo Ardoino, chief technology officer at Bitfinex.
“This particular seizure shows the dedication of law enforcement officers to meticulously monitor all the revenues of the crime committed against Bitfinex nearly seven years ago. We are eager to get back as much of the stolen bitcoin as we can and give it to the owners of the tokens that were created in response to the 2016 theft.
Additionally, Bitfinez noted that there are 30 million RRTs in use at the moment, so the money seized would not be enough to redeem them all.
Following the $1 redemption of all RRT holders, holders of UNUS SED LEO tokens will get up to 80% of any leftover recovered assets.
The exchange’s property was taken during the security breach, and the trading platform for digital assets intends to collaborate with relevant law enforcement agencies and the legal system to retrieve it.
