Key Takeaways
- 94,000 Bitcoin seized from the 2016 Bitfinex hack to be returned.
- The Bitcoin's value has grown from $3.6 billion to $9.3 billion.
- U.S. authorities recognize Bitfinex as the sole eligible restitution recipient.
A U.S. court has ordered that over 94,000 Bitcoin, seized during an investigation into the 2016 Bitfinex hack, be returned to the exchange through “in-kind restitution.”
Initially worth $3.6 billion when confiscated in 2022, the recovered Bitcoin is now valued at over $9.3 billion due to market appreciation.
Details of the Bitcoin recovery
The Department of Justice (DOJ) recovered the funds through efforts by agencies including the FBI and Homeland Security Investigations.
By June 2023, more than 108,000 Bitcoin had been recovered, part of the 120,000 BTC stolen during the historic hack.
Previously, Bitfinex received $312,219 in cash and 6.917 BCH as partial restitution.
These funds were allocated to redeem Recovery Right Tokens issued after the breach.
Bitfinex recognized as sole victim
In an October 2024 legal motion, the U.S. Attorney’s Office for the District of Columbia identified Bitfinex as the primary victim under federal restitution laws.
While alternative notification methods were explored, authorities determined Bitfinex was likely the sole eligible party for restitution under the Crime Victims’ Rights Act (CVRA) and the Mandatory Victim Restitution Act (MVRA).
This ruling marks a significant step in addressing the aftermath of one of the largest Bitcoin exchange hacks in history.
