Bitfinex hack victims still waiting for funds

The United States Department of Justice made the announcement earlier this year that it had successfully recovered billions of dollars worth of cryptocurrency that had been stolen in 2016. During that theft, the monies belonging to a great number of Bitfinex clients were stolen, and those

 

Funds Stolen from Bitfinex Have Not Yet Been Returned
Frankie Cavazos, one of these victims, stated that the assault in 2016 caused him to lose around 15 BTC units. When he found out that his money had been found, he made the following remark:


It was the single most relieving experience of my whole life.

He stated that the money he stood to get back had the potential to be a "life-changing amount of money," despite the fact that each of the units that were stolen in 2016 amounted to less than $1,000. Even if the price of bitcoin may be plummeting today, there is still a considerable increase in the books, and the price of BTC is currently about $19,000. This is despite the fact that the price of bitcoin may be crashing and burning today.


However, there are legal complications involved, and the victims of the cyberattack have not yet received their money back. They are, nevertheless, required to appear in court in order to establish their ownership positions. The cryptocurrency exchange Bitfinex has announced that it believes all of the stolen monies should simply be put back on the platform for its executives to handle in the appropriate manner. This statement was made in an effort to make things easier for Bitfinex's clients. This was what the corporation said:

Bitfinex is committed to working with the Department of Justice and will adhere to the relevant legal procedures in order to establish our rights to the restitution of the stolen bitcoin.

After the incident that occurred six years ago, Bitfinex took the necessary steps to reimburse any clients who were affected with separate digital currency units that were equivalent to the amounts that they lost. They were free to sell the assets, keep hold of them, or exchange them for other currencies according to their whims and desires when it came to using these assets. The company believes it has done everything that was necessary to fulfill the requirements established by the potential victims of the hack, and it is now seeking to receive a return on the funds that it has provided.

There are some people who disagree with this sentiment. For instance, Cavazos claims that Bitfinex simply dumped these tokens on whichever customers may have been affected by the attack. These individuals did not have any input into the decision-making process; they were not given the opportunity to say "no" or compete for alternative options. According to him, it is unfair that they were forced to simply accept these crypto units and move on with their lives.


The following are his comments:

They set the price of each BFX token at one dollar. They put them up for sale on the open market, and the price dropped from one dollar to something like twenty cents; consequently, they were given the opportunity to basically FOMO everyone out of their debt.

Customers Do Not Believe That the Earlier Choices Were the Correct Ones
Rafal Bielenia, who had 91 bitcoin units on the platform at the time of the hack, is another individual who disagrees with the sentiment expressed by the exchange. He claims that:

When they became available, I made every effort to sell those tokens as quickly as humanly possible.


Orizu Ebube

1345 Blog posts

Comments