Crypto exchange giant Bitfinex In a move driven by determination to reclaim lost assets, Bitfinex is now dangling a $400 million incentive for anyone who can assist in retrieving the 2016 stolen funds. Bitcoin Marking the fourth year since the disruptive 2016 Bitcoin incident, Bitfinex aims to address the loss of approximately 120,000 bitcoins by offering substantial rewards. BTC currently valued at $1.34 billion.
The crypto industry continues to grapple with theft, exemplified by over $1 billion in cryptocurrencies disappearing by mid-2020. Meanwhile, Chinese authorities have apprehended suspects tied to the notorious PlusToken scheme.
Bitfinex has rolled out an offer to incentivize hackers to return the filched Bitcoin in return for payment.
Bitfinex announced the reward via a blog post A post on Bitfinex's site on Tuesday, August 4, 2020, revealed their latest strategy to reclaim the stolen cryptocurrency from four years ago.
An excerpt from the post reads:
Bitfinex is rolling out a bounty program encouraging individuals who can link them to the cyber thieves behind the massive Bitcoin heist in August 2016. They’re even prepared to compensate the perpetrators themselves for the return of the Cryptocurrency.
In the spirit of coaxing the culprits to come forward, Bitfinex is asking those with knowledge of the hackers to step up, with discussions envisioned directly with the thieves to negotiate the return of the stolen assets.
In a calculated reward strategy, Bitfinex promises that anyone linking them to the hackers gets a cut of 5% of the retrieved funds, while the hackers can pocket 25% of the bounty valued at $336 million.
Since the 2016 breach, Bitfinex has clawed back around 27 BTC alongside U.S. authorities. Hours before this news, funds connected to the hack were on the move, with hackers likely eyeing liquidation options. Acceptance by the hackers of Bitfinex’s offer could potentially close this major Bitcoin saga.
Crypto crimes aren't losing steam, with Bitcoin thefts crossing $1.4 billion in the dawn months of 2020.
The crypto crime wave showed no signs of retreating in 2020, with a report from CipherTrace highlighting over $1.4 billion in thefts within the year's first five months alone. platform Should the current trajectory persist, 2020 might witness the second-largest crypto crime losses to date. The CipherTrace study hints that many 2020 crypto thefts thrived on pandemic-induced panic.
Indeed, numerous law enforcement bodies have noted a rise in crypto fraud incidents, as cybercriminals exploited diverse methods to defraud victims amidst strict KYC protocols by exchanges.
Unauthorized Bitcoin transactions and scams have tainted even prominent Twitter accounts, drawing in billionaires like Jeff Bezos, Bill Gates, and Warren Buffett into the fraudulent web. Officials have since identified and charged the presumed orchestrator as well as key accomplices. reported Osato, a fervent Bitcoin devotee, routinely offers insights on the cutting-edge developments in the digital currency space. Beyond immersing in industry updates, you might find him chasing his personal record in Scrabble or pondering life's great enigmas. Reach out at [email protected]. laundering Bitcoin (BTC) saw its value plunge to $83,400 following President Trump’s latest tariff pronouncement. increasingly difficult .
In July, hackers gained control The cryptocurrency sphere experienced a $450 million liquidation aftermath postulated from U.S. tariff announcements. arrested GameStop has embarked on a promising $1.5 billion debt initiative with aspirations for investment in Bitcoin.
