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US Government Filing Declares Bitfinex Sole Victim for Hack Restitution Beincrypto 10 Oct 2024

US Government Filing Declares Bitfinex Sole Victim for Hack Restitution 🕵️‍♂️

In recent filings, the US government recognized Bitfinex as the sole victim eligible for restitution following the 2016 hack. This was declared under the Crime Victim’s Rights Act and the Mandatory Victim Restitution Act. Bitfinex users are encouraged to submit their claims to the exchange for potential recovery.

The government has recovered billions from this hack, but the allocation of these funds is delayed due to numerous claims. Sorting through these claims has been challenging for law enforcement, as they aim to distinguish between legitimate and fraudulent claims.

Bitfinex has worked closely with authorities to facilitate the recovery process. In 2023, they announced the return of over $312,000 in cash and Bitcoin Cash. Additionally, Bitfinex's LEO token saw a 40% increase following the announcement.

The filing clearly states that all victims should seek restitution through Bitfinex, as any payouts from recovered assets will only be passed through the exchange to defrauded users.

Source: beincrypto.com ↗