Bitfinex Offers $400 Million in Rewards to Get Back 120,000 Stolen Bitcoins

Cryptocurrency exchange Bitfinex offers rewards of up to $ 400 million to hackers who stole almost 120,000 bitcoins from its platform in 2016, as well as to anyone who connects them with the hackers.

Up to $ 400 million reward for recovering stolen bitcoins

Bitfinex announced on Tuesday that it will offer up to $ 400 million in rewards for recovering nearly 120,000 bitcoins stolen from its platform in August 2016. The exchange not only offers a reward for those who connect them to the responsible hackers for unauthorized transfer, but it also offers a reward for the hackers themselves for returning the stolen coins.

"Today's announcement of a reward is our latest effort to reclaim these stolen funds," Bitfinex wrote, explaining:

Those who put Bitfinex in contact with the hacker receive 5% of the total recovered property (or equivalent funds or assets at current market values) and the hackers receive 25% of the total recovered property (or equivalent funds or assets at the current time) market values ).

The exchange added: "All payments to those who link Bitfinex to the hackers and the hackers themselves are classified as costs for the recovery of the stolen property."

The security breach occurred on August 2, 2016. "As a result, 2072 unauthorized transactions were carried over the Bitcoin network, involving a total of 119,755 bitcoins," the exchange said. "We learned valuable lessons from this painful episode and looked at the security issues and vulnerabilities related to theft." The US authorities reclaimed 27,66270285 bitcoins from the hack in February last year, which was converted into US dollars and paid to Recovery token (RTT) owner.

The estimated $ 400 million reward is based on the current Bitcoin price when all the stolen coins have been fully recovered. "The bitcoins that were stolen minus the recoveries in 2019 are now valued at $ 1.344 billion, with 30 percent of that amount equaling $ 403,288,427," said Bitfinex.

The exchange further stated:

To confirm the identity of the hackers, we will ask that 1 Satoshi be sent from the wallet address responsible for the hack to a wallet address specified by Bitfinex.

After the violation, Bitfinex paid back all affected users in its native BFX token, with each token representing $ 1 of the loss. In addition, the stock exchange offered a monthly redemption from September 1, 2016. The last BFX token was redeemed in early April 2017, Bitfinex said, claiming: “More than 52 million BFX tokens were converted into shares of Ifinex Inc. as of September 1: 1 token for shares. ”

Some recently BTC As of the Bitfinex Hack 2016, things started to move. In May, reported that 28.4 bitcoins had been transferred from the hack to an unknown address. In June, the hackers transferred another 500 BTCand around 2,500 stolen bitcoins were transferred last month.

Do you think Bitfinex will ever get its stolen bitcoins back? Let us know in the comments below.

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