Bitfinex, a state-of-the-art digital token trading platform, has successfully recovered 6.51458211 bitcoin (BTC) stolen in the August 2016 hack, underlining the exchange’s commitment to recover all property lost as a result of the security breach.
The recovery of the stolen BTC was done in collaboration with Poloniex, a digital token exchange. Recovery Right Token (RRT) holders will have their pro rata tokens redeemed in the coming days, based upon the size of their RRT holdings on 04/12/2021 at 12:31 UTC. As the BTC/USD price at the time of the recovery of the stolen BTC was $47,337, Bitfinex will redeem US$308,380.77334107 in aggregate RRTs.
The transaction hash of the recovered BTC is as follows: d73cd60f9ad8cb17e60d2ffd7f0dbe51cb4a89366070667307201caca110ae19
“We remain committed to recovering the remaining bitcoin stolen in the 2016 hack and will proactively work with all relevant parties and law enforcement agencies,” said Paolo Ardoino, CTO at Bitfinex. “Those responsible should know that we will not rest until all the bitcoin lost in the hack is reclaimed.”
Bitfinex has collaborated with global law enforcement agencies and other private sector actors to provide intelligence and assist with investigations after the August 2016 hack. The exchange will continue to work with third parties to recover the remaining BTC lost in the hack.
Following the theft on August 2nd 2016, Bitfinex took a unique approach, generalising the losses across all accounts and crediting BFX tokens to customers at a ratio of 1 BFX to 1 US dollar lost. Bitfinex honoured its commitment to repay the losses. Within eight months of the security breach, all BFX token holders had their tokens redeemed at 100 cents on the US dollar or exchanged their tokens for, directly or indirectly, shares of the capital stock of iFinex Inc.
All BFX tokens were destroyed within this process. Additionally, Bitfinex created a tradable RRT for BFX holders that converted BFX tokens into shares of iFinex.
The benefit to RRT holders is that in the event of any retrieval of the stolen property, and after any outstanding or unconverted BFX token holders have been reimbursed, recovered funds are distributed to RRT holders, up to 1 US dollar per RRT. As all BFX tokens have been redeemed and destroyed, the full amount of recovered bitcoins today is being distributed pro rata to the RRT holders.
