Bitfinex may be eligible for compensation for the 2016 hack that resulted in the theft of 119,756 Bitcoin (BTC), but the US government is not aware of any other parties that qualify. The exchange spread the losses from the hack among its customers and reimbursed them directly. The government seems satisfied with Bitfinex's efforts but will take additional precautions. The Crime Victimsâ Rights Act and the Mandatory Victim Restitution Act require criminals to reimburse victims for their losses. Bitfinex 'socialized' the losses by reducing all customer accounts by 36% and issuing BFX tokens. These tokens were later redeemed, and customers who opted for iFinex shares received Recovery Right Tokens. The US Department of Justice arrested the hackers and seized cryptocurrency worth $3.6 billion. Funds connected to the case were distributed among RRT holders. The stolen Bitcoin, valued at $72 million during the hack, is now worth $7.5 billion. Read more AI-generated news on: https://app.chaingpt.org/news
Restitution for Bitfinex Hack Victims
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