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Bitfinex Retrieves $120,000 Worth Stolen Bitcoin

February 26, 2019 | Cryptocurrency

The cryptocurrency exchange Bitfinex had been the victim in terms of a daring theft of 56 Bitcoins worth $240,000 in 2016. The good news is that the US authorities have successfully  recovered 28 Bitcoins worth $120,000 recently. Although another 28 Bitcoins are left to be recovered yet it has set an example of successful law enforcement in retrieving stolen cryptocurrency.

With a rise in the number of cryptocurrency thefts, the industry has not witnessed the rise in investigations or convictions. Therefore, returning stolen cryptocurrencies has not been heard of much in this industry. Thus, Bitfinex’s case is the rarest of the rare ones.

In an official Medium announcement, Bitfinex stated that the exchange has recently received 27.66 Bitcoins that were stolen in a security breach back in August 2016. They also thanked the US law enforcement for the successful recovery.  

The Bitfinex robbery in which the hackers made a staggering $72 million in Bitcoin is considered as one of the greatest cryptocurrency thefts of all time. As a solution, Bitfinex generalized the losses across every account on their platform. They did so by crediting BFX tokens at a ratio of one BFX to every dollar lost. They also created Recovery Right Token (RRT) which is a tradable token for BFX token holders. This converted their BFX tokens into iFinex shares.

This latest crypto news has fetched mixed emotions from the global crypto community. While some people praised the effort, others criticized the boasting of the recovery of such a meager amount.

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