Bitfinex Offers Up To $400 Million Reward Package for Return...
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Bitfinex Offers Up To $400 Million Reward Package for Return of BTC Stolen In 2016

Bitfinex crypto exchange is offering a reward to anyone who can help it recover BTC stolen from it in 2016. The exchange stated in an August 4 blog post that it is willing to reward both the person who connects them with the hackers, as well as the hackers themselves. A total of $400 million, at current BTC price, has been set aside for this development.

The hack which took place in August 2016 enabled the attackers to transfers almost 120,000 BTC from the exchange. These hackers managed to breach the exchange’s security system and made 2072 unauthorised transactions on the Bitcoin network. Since then, Bitfinex claims it has made security the overriding, number one priority of the exchange.

Persons who will connect Bitfinex with the hackers will receive 5% of the total amount recovered, or equivalent funds at current market values. The hackers themselves will also receive 25% of the total amount recovered or equivalent funds at current market values. The total $400 million will be given out only if all the BTC are fully recovered. Persons with information relating to the matter are to contact Bitfinex at: @bitfinex2016 via keybase.

Notably, Bitfinex will first verify the authenticity of any persons who present themselves as the hackers.  Such persons will be requested to send 1 Satoshi from the wallet address used for the hack, to a wallet address which will be provided by the exchange. However, Bitfinex has assured that it will protect the identities of all parties involved.

According to Bitfinex, this announcement of a reward is the exchange’s latest effort to recover these stolen funds. The exchange claims it has continued to work with law enforcement agents in investigating this infamous incident. Through that, about 27.66 BTC were recovered in February 2019 by U.S. authorities. Those assets were converted to U.S. dollars and paid to Recovery Right Token (RRT) Holders.

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Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.