• Bitfinex recovers cash and BCH of its stolen funds from US authorities
• The exchange said that this recovered amount still does not meet the current redemption demand

Bitfinex, a leading crypto exchange, announced that it has received cash and Bitcoin Cash [BCH] from the US Department of Homeland Security. The returned funds are from the August 2016 hack incident. The US authorities gained control over these funds in 2022, after the arrest of the two individuals accused of hacking the platform.

The hack was one of the biggest hacks in the crypto space at the time. Nearly 119,756 Bitcoin [BTC] was stolen from the exchange because of a security breach. These coins were worth $71.8 million at the time, and it is currently valued at more than $3 billion. Bitfinex hackers had since moved the stolen crypto several times in an attempt to launder them.

Read Bitcoin’s [BTC] Price Prediction 2023-24

However, the culprits were caught by the US authorities in February 2022 and identified as a married couple – Ilya Lichtenstein and Heather Morgan. Both the accused were from New York and were charged with conspiracy to commit money laundering.

The arrest also resulted in the seizure of $3.6 billion in stolen cryptocurrency by the authorities. Notably, this seizure placed the US government among the wealthiest Bitcoin wallets. Bitfinex Chief of Technology Officer – Paolo Ardoino – said,

“This specific seizure demonstrates the commitment of law enforcement officials to diligently track all the proceeds of the crime committed against Bitfinex almost seven years ago.”

Bitfinex hack redemption

According to the announcement made by Bitfinex, the exchange

Go to Source to See Full Article
Author: Priya NV

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details