Resolution for $5.8 billion Bitfinex hack, U.S. government recovers most funds

From Investing.com

October 09, 2024 2:30:20 pm:

The U.S. District Court suggests Bitfinex could be the only party eligible for restitution of 119,754 BTC stolen in the 2016 hack, following the guilty plea of Lichtenstein and Morgan for conspiracy charges. The U.S. government has recovered around 95,000 stolen BTC valued at $5.89 billion and $475 million in related assets since their arrest.

Lichtenstein and Morgan allegedly hacked Bitfinex in 2016, conducted over 2,000 transactions, and laundered the stolen funds through various means, including converting some to gold coins buried by Morgan. The U.S. government has located the recovered coins in the “bc1qazcm” address, owned by the FBI, based on Arkham Intelligence data.

Despite the significant theft, the U.S. government states that Bitfinex is the only eligible victim for restitution under the CVRA and MVRA. Previous compensation by issuing “BFX” tokens to affected customers, all redeemed by April 2017, indicates no additional victims may qualify, leaving Bitfinex as the sole party to recover the seized Bitcoin.

Read more at Investing.com: Bitfinex 2016 Hack Saga Worth $5.8 Billion Finally Gets Resolution By U.Today