Justice on Blockchain: Did Bitfinex Handle its Problem Well?
A fintech enthusiast, who has been pushing support for permanent built-in bounty rewards to discourage crime and promote justice on the Blockchain, has approved Bitfinex’s manner of handling the hack with its customers. James Gallagher informed CoinTelegraph that for Bitfinex customers to experience a generalised loss percentage of 36.067% is a fair resolution. Could be worse. “With all due respect and being a recent "ride" participant in this Bitfinex hack, I was also party to Gox and Hashocean, ouch! Bitfinex by far took great care and diligence to resolve fairly this issue,”....
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The U.S. Department of Justice has announced the launch of a National Cryptocurrency Enforcement Team (NCET). This team would handle investigations and prosecutions of criminal misuses of cryptocurrency. In particular, crimes committed by virtual currency exchanges and money launderers. The Justice Department released a report to this effect on its website on Wednesday, October 6, 2021. This […]
The token surged almost 70% in a day after the U.S. Department of Justice announced that it had recovered most of the stolen funds from the 2016 Bitfinex hack. Unus Sed Leo (LEO) surged by almost 70% on Feb. 9 to reach its record highs as traders assessed the potential of an incoming supply crunch in its market.The token was issued in 2016 to refinance crypto exchange Bitfinex after it lost about $70 million worth of Bitcoin (BTC) in a hacking incident. In its original whitepaper explaining LEO, Bitfinex had promised that if they could recover the lost funds, they would use 80% of the....
On February 8, 2022, the U.S. Department of Justice (DOJ) arrested a couple that is accused of laundering 94,636 bitcoins stolen from Bitfinex in 2016. The DOJ alleges that the tech entrepreneur, Ilya Lichtenstein, and his wife Heather Morgan, conspired to launder billions of dollars worth of bitcoin. The duo could face 25 years in federal prison if convicted. Five months later, a report indicates that a federal judge has given Morgan permission to get a job and “engage in legitimate employment.” Former Forbes Author and Street Rapper Heather Morgan Granted Pre-Trial Release....
Bitfinex has become the first major bitcoin exchange to offer on-blockchain transactions. Typically, exchanges work off-chain, meaning that user balances are settled within a central database. Bitfinex's bid for greater transparency will allow users to check their segregated bitcoin wallets on the blockchain. Trade settlements will be broadcast once per day, according to the company. Zane Tackett, director of community and product development at Bitfinex, said:
The U.S. Department of Justice (DOJ) has announced the seizure of 94,636 bitcoins directly linked to the 2016 hack of the cryptocurrency exchange Bitfinex. This is the DOJ’s “largest cryptocurrency seizure to date.” In addition, two people have been arrested in connection with the hack and stolen cryptocurrency. Bitfinex Hack’s Stolen Bitcoins Seized, 2 People Arrested The Department of Justice (DOJ) announced Tuesday that the U.S. government has seized stolen cryptocurrency directly linked to the 2016 hack of the cryptocurrency exchange Bitfinex. According to....