In this article, we will understand all about the Bitfinex hack of 2016 and the recovery of these stolen BTCs, and how this affects the Leo token.
The growth of cryptocurrency and the blockchain industry has led to the adoption of this transaction system by many countries and private sectors and businesses, making cryptos and blockchain cut across many aspects of transactions especially digital transactions.
Given the volatile nature of cryptocurrency and the blockchain industry and its anonymity, one of its essential features, it is no surprise that hackers and illegitimate personnel will try to use the platform for covets operations and illegalities.
The Bitfinex hack of 2016, where about $3.6 Billion worth of bitcoin was stolen through a successful hack, is one of the major events in the crypto space which shook many crypto users and investors.
Following the 2016 Bitfinex breach, the US Department of Justice has recovered $3.6 Billion in Bitcoin. The crypto community, demanding justice, applauded the authorities’ action. Furthermore, the company has been deliberating about the stolen funds. Bitfinex, on the other hand, claims that its collaboration with UNUS SED LEO has propelled the digital asset to an all-time high.
What Does This Mean For Bitfinex?
ON TUESDAY, the US Department of Justice untangled one of the largest crypto thefts, stretching back to the Bitfinex hack in 2016. Authorities have confiscated a whopping $3.6 billion in Bitcoin. The couple accused of laundering 119,754 bitcoins taken in a breach is accused of initiating over 2,000 fraudulent transactions.
The transactions, which were worth $71 million in Bitcoin at the time, are now worth almost $4.5 billion. Over the previous five years, it has been discovered that around 25,000 Bitcoins have been laundered. Some of these funds were put into accounts controlled by Lichtenstein and Morgan, the couple accused in the hack.
The wallet’s remaining stolen funds, totaling over 94,000 BTCs, remained in it that was utilized to receive and hold the hacking proceeds. Nearly 94,000 Bitcoins were recovered, with a total value of over $3.6 billion at the time of seizure.
Following that, crypto savvies point out that the US government controls one of the world’s largest Bitcoin wallets, giving them the authority to set or break industry trends. As a result, sections are presently debating the enactments.
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What Does This Mean For The Leo Token?
In a recent statement, Bitfinex stated that the company would cooperate with the DOJ and follow all legal procedures to substantiate its claim to the stolen Bitcoin’s recovery. The company also claims that it will be compensated if the stolen Bitcoin is recovered. Within 18 months, the corporation will spend 80% of the recovered funds to buy and burn outstanding UNUS LEO tokens. As specified in the UNUS LEO token whitepaper.
The LEO would be the iFinex ecosystem’s utility coin. Token holders will have access to benefits across the whole portfolio and benefits from upcoming projects, products, and services regardless of how it is described in the white paper.
iFinex and its affiliated groups will buy back LEO at a minimum of 27 percent in stages. From the preceding month’s revenue until tokens are no longer in commercial circulation. Furthermore, within 18 months of the recovery date, an amount equal to 95% of the recovered net cash from Crypto Capital would be utilized to purchase and burn outstanding LEO tokens.
At the time of publication, the price of LEO was trading at $7.51, up 53.7%. The asset’s market capitalization is around $7,019,754,034. The total volume of trades for the day is $42,179,736. A few hours ago, the digital asset reached an all-time high of $8.14.
Nevertheless, the recovery of a massive sum of Bitcoin from Bitfinex’s 2016 breach has elicited excitement among the crypto community. Furthermore, the Bitfinex plan has attracted the public’s interest. Furthermore, UNUS SED LEO may be on its way to a higher market cap ranking in the industry.
It is advised that investors and crypto users understand all about what this information may entail as this will help them make the best investment decision on the Leo token and make the right deductions as regards the Bitfinex recovery of this huge amount of Bitcoin, which had grown exponentially since the days when it was stolen.
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