Bitfinex May Be the Only Entity Eligible for Restitution from the 2016 Bitcoin Hack
Bitfinex may be the only eligible party for restitution from the 2016 Bitcoin hack, where hackers stole approximately 120,000 Bitcoin, worth around $7.4 billion at current prices, according to a legal motion filed by the US Attorney’s Office for the District of Columbia. The government, however, is unsure if there are other individual victims who may be eligible for victim rights or restitution. Due to the difficulty in identifying all potential victims, they are requesting permission from the court to use alternative methods to notify potential victims of the hack.
Bitfinex Controversially Reduced Customer Account Balances by 36% Following the Hack
Following the hack, Bitfinex controversially reduced all customer account balances by 36% to share the losses. In compensation, the exchange issued BFX tokens to customers, who could then sell, redeem, or exchange them for shares in Bitfinex’s parent company, iFinex. By April 2017, all BFX tokens had been redeemed.