Home | Breaking | Bitfinex Exchange Announces $400 Million Reward to Return Stolen Bitcoin

Bitfinex Exchange Announces $400 Million Reward to Return Stolen Bitcoin

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The recognized cryptocurrency exchange Bitfinex is now offering up to $400 million to persons that would be able to give any information about the hackers that stole 120,000 BTC in August 2016 from the exchange. At the same time, the offer is valid for the hackers themselves in order to give back the stolen property. 

Bitfinex Offers Rewards to Users

In a recent blog post released by Bitfinex, they informed that they are offering up to $400 million to people that would connect the exchange with the hackers from the attack that took place in August 2016. The main goal is to offer this reward and show users of the platform the company is ready to do everything they are able just to obtain the lost property. 

In August 2016, the platform lost 119,755 BTC from their wallets and since that moment large changes were implemented on the exchange in order for other hacks not to take place any more. The industry has become much safer since then. Many exchanges improved their solutions and reduced the number of attacks in recent years. 

Users that provide information about the hackers will receive 5% of the total property recovered while the hackers themselves will get 25% of the total property recovered. The hackers will have to send 1 satoshi to a specified address in order to confirm they are the owners of the wallet with these funds. 

Hackers continue to take advantage of new users requesting funds through fake accounts or even having access to exchanges or even Twitter

Regarding the measures the exchange followed to improve its security, they mentioned:

“Bitfinex has made security the overriding, number one priority of the exchange. As an exchange, we know we owe our success to a customer base that has loyally supported us through good and bad times. In the aftermath of the 2016 security breach, the exchange provided BFX tokens to all affected users.”

More than 52 million BFX tokens were finally converted to shares of iFinex at a rate of 1:1. Currently, the platform continues to work with law enforcement agents that are studying the attack that took place in 2016. It is worth mentioning that in 2016, these agents were able to get back 27.66 BTC that were stolen in the 2016 hack. Nowadays, the exchange wants to move forward and recover a larger number of coins.

John Asher

John Asher

I am a crypto-enthusiast that likes to write about the blockchain industry. Mostly, I'm interested in the gaming industry and how it will revolutionize in-game asset ownership.

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