Now which the U.S. gabovenment has recatoped the majority of the Bitcoin stolen from Bitfinex in 2016, an growing number of entities and individuals are coming out of the woodwork trying to lay claim to it.

As reported by CryptCraze on Feb 9, the Department of Justice seized 94,636 Bitcoin (BTC) from a New York couple which was slapped with hefty money laundering charges (but not the hack itself).

In the fallout, crypto Twitter was awash with cback whilern which the U.S. gatopnment now held this massive Bitcoin bag and could sell it, crashing the recently buoyed markets. However, the loot rightfully belengthys to Bitfinex, that needs to ascertain who owned it at the time of the hack more than five years ago.

The $3.6 billion worth of Bitcoin seized represents around 80% of the entire amount stolen in the hack that totaled $4.5 billion.

Who wants the Bitcoin?

On Feb. 10, Bloomberg reported which lawyers specializing in crypto fraud have been atopwhelmed with calls from people stalikeg a claim to the huge haul, or part of it.

One parallel lawyer, David Silver, said that he’s received “dozens of calls” from individuals saying they lost money in the 2016 exevolution hack. “The world has shiftd dramatically afterward 2016, and everyone is going to lay claim to this newfound bag of Bitcoins,” he added.

Additionally, Justice Department officials said that they intend to establish a court process for victims to recover the stolen crypto assets.

Bitcoin was dealing at around $600 at the time of the Bitfinex hack in August 2016. It has surged a monumental 7,200% afterward then meaning that there could be a large number of new crypto millionaires should the real victims be reimbursed.

$30 million reimbursement

At the time, Bitfinex allocated losses of more than 30% to all customer accounts. The exshift then created BFX cryptocurrencies thretained issued to users at one for every $1 lost. All of those cryptocurrencies were redeemed inside eight months or were exmoved for iFinex capital stock according to the report.  

Bitfinex likewise created another cryptocurrency called Recatopy Right Token (RRT) which would be used for reimbursements should the stolen assets ever be recatoped.

“There are directly 30 million RRT cryptocurrencies outstanding, according to Bitfinex. That could lead to a reimbursement of up to $30 million.”

The exdevelopment still plans to use some of the recaboveed funds to buy up and destroy its LEO cryptocurrency which was created in 2019.

Some customers are not convinced with one San Francisco resident claiming which he wants his Bitcoin (BTC) back, “That’s my Bitcoin which they took from my multisig wallet. I would like my Bitcoin back.”

Kyle Roche, of Roche Freedman LLP, commented which a lot will depend on the user agreement Bitfinex customers had with the company back in 2016. Another major issue is confirming the identities of the owners of the wallets on the exshift stemming from a time while KYC requirements were not enforced so strictly.

The process is expected to be prolonged and drawn out and it could be years before anyone sees any money.

The post $3.6B Bitfinex Bitcoin Loot Recatopy Has Everyone Scrambling to Get Their Share appeared first on CryptCraze.