Bitfinex is a Hong Kong-based digital asset exchange. The company has been the victim of several hack attacks in the past and has been unable to establish a secure banking relationship with its customers for a long time. In 2016, a whopping 119,755 Bitcoin was stolen from the exchange in the aftermath of a massive hack attack. The hackers managed to breach the security systems of the exchange platform and put into effect a slew of unauthorized transaction broadcasts on its Bitcoin Network.
These 2072 unsanctioned transactions affected many private account holders who were compensated with BFX tokens later on by the exchange. According to the whale activity tracker, Whale Alert, about 10,057 stolen Bitcoin has been moved. These transactions have been made to different locations and sent to different wallets via 63 different transactions.
Has Bitfinix managed to recover some of the Stolen Bitcoin?
The Bitfinix management posted a public announcement on the official website offering a reward to anyone who would guide them towards the hackers. The announcement was posted last year, and there have not been any reports made on the current status of the report. The contents of the announcement indicate that the management is admitting to the dark event as a chance to better their security services and provide a better platform for their users.
The post further mentions that in 2019, the U.S authorities managed to recover 27.66 BTC. However, the entire recovered stash was converted to USD and paid to the Recovery Right Token (RRT) holders as compensation. The post annotates that the privacy of the informants would be kept a secret, and the hackers are also invited to return the stolen money for a 25% return on the recovered property. It is the first time since 2016 that the thieved BTC stash has been moved.
America’s Giant News Publication Outlet Getting Massive Bitcoin Euphoria
New York Times is one of the largest print media outlets in the United States and in the world. The paper caught the eye of many in the journalism and cryptocurrency circles due to a recent article published about the flagship crypto. It should be noted that thus far, the publication has maintained a pessimistic view towards cryptocurrencies.
An article in New York Times declares that Bitcoin would eventually move to PoS (Proof of Stake) consensus algorithm just like Ethereum announced. Human rights activist, Alex GladStein, has called the news nonsense. He further added that even a new intern would be able to understand that this type of transition cannot be expected from Bitcoin. Even after the next 120 years, when all of the Bitcoin would supposedly be mined, it would remain a PoW blockchain.