Bitfinex deemed ‘sole victim’ eligible for recovery of $7.4 billion Bitcoin hack
Bitfinex is identified as the primary entity eligible for restitution related to the 2016 hack that resulted in the theft of approximately 120,000 BTC. The US government filing indicates no other victims qualify under the Crime Victims’ Rights Act (CVRA) or the Mandatory Victims Restitution Act (MVRA). Following the hack, Bitfinex reduced customer account balances by 36% and issued BFX tokens for compensation, all of which were redeemed by April 2017. The exchange has been collaborating with law enforcement to recover stolen assets, with US authorities seizing 94,643 BTC valued at around $3.6 billion in February 2022. In July 2023, Bitfinex received $312,219.71 and 6.917 BCH from the Department of Homeland Security. The exchange plans to use recovered funds to redeem Recovery Right Tokens (RRTs) and allocate up to 80% of remaining assets to UNUS SED LEO token holders. The determination that Bitfinex is the sole victim may streamline legal processes for asset recovery.
