Bitfinex Announces a $400 Million Bounty For Return of Stolen 2016 Bitcoin

  • The Bitfinex exchange is offering a huge reward of $400 million in return for information about the individuals or groups who were responsible for the attack.
  • In August 2016, Bitfinex reported an attack in their exchange, which resulted in the loss of 119,756 Bitcoins.
  • The reward sums up to 30% of the entire BTCs that were stolen. The price of BTC has risen by approximately 1732% since the attack.

The Hong Kong-based cryptocurrency exchange has announced a bounty for the Bitcoin funds that were stolen back in 2016. In August 2016, Bitfinex reported an attack in their exchange, which resulted in the loss of 119,756 Bitcoins. A total of 2,072 unauthorized transactions on the Bitcoin network went into the loss. Soon after, the price of BTC fell by 20%, and the exchange shut down all the transactions, trading, selling, and withdrawing of assets. And right now, the Bitfinex exchange is offering a huge reward of $400 million in return for information about the individuals or groups who were responsible for the attack. 

To Mitigate Losses Bitfinex Offered BFX Tokens

The reward sums up to 30% of the entire BTCs that were stolen. The price of BTC has risen by approximately 1732% since the attack. The value of a single BTC back then was only $622, whereas now BTC is trading at $11000 levels. This means that the total worth of the stolen 119,756 BTC is $1.3 billion (it was $65 million in 2016). However, to mitigate the losses of the Bitfinex investors, it provided all the affected users with BFX tokens.

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Bitfinex has assured once the identification of the attackers verified, the individuals providing the information would be rewarded the specified amount. The CTO at Bitfinex, Paulo Ardoino, said that anyone who would provide them any piece of information that may lead them to or put them in direct contact with the attackers associated with the 2016 hack would be awarded for sure. He added that the hackers would receive a part of the reimbursed property. 

Exchange Assures to Protect the Identities of Parties 

According to the CTO, this potentially large reward would be sufficient to bring out the hackers and those having any contact with the hackers. He also said that the parties associated with the attack must be ready to lessen the risk of holding the stolen BTC in the first place. As we know, moving funds in a public platform like Bitcoin is challenging, because it always leaves traces. Anyone could verify the addresses and transactions, which means fund transfers of such a hefty amount won’t go unnoticed. Bitfinex also ensured that the identities of all the individuals and parties concealed throughout the process. 

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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