Bitfinex Offers $400M Reward For Info on 120k BTC Stolen in 2016; Hackers Can Collect Too

Bitfinex ready to clear the “tarnished” hack from its history with a $400 million reward to the hackers. The exchange, which suffered the attack four years ago, will offer a cut to any contact directing them to the hackers.

On August 2, 2016, Bitfinex experienced one of the biggest crypto heists of all time, as hackers exploited the system, running off with approximately 120,000 BTC. Shortly after, the price of BTC collapsed to 20% marking one of the darkest days in the top coin’s history. Now the exchange wants to clear this dark day in history with a $400 million dollar reward to the hackers if the full amount is recovered.

In a blog post on their website, four years later the exchange is offering anyone who will help them recover the Bitcoins a hefty 5% reward for the amount recovered. The statement reads,

“Bitfinex is offering a reward to any persons that connect us with hackers responsible for the unauthorized transfer of almost 120,000 bitcoins from the exchange in August 2016. As part of the same initiative, Bitfinex is also offering a reward to the hackers themselves for the return of the stolen property.”

The exchange is also ready to offer the hackers 25% of whatever amount is recovered (at the current BTC prices) which would translate to a total of 30% for the full reward. The 119,755 BTC currently trade for $1.3 billion at market prices, and a $403 million reward if the full stash is recovered.

The U.S government in 2017 recovered 27 Bitcoins in an investigation but the rest remains with the hackers.

Bitfinex claims they will ensure the process is safe and private enough with the identities of the hackers (if known) will remain uncovered. The statement reads,

“We will work to ensure this can be done safely, thereby protecting the identities of all parties, and Bitfinex reserves the right to impose conditions on any transfers in order to verify claims and ensure a secure process.”

April 2019 marks the first time the hacker moved the stolen BTC with 300 BTC, then trading at $1.5 million, moving into 13 new addresses. In May this year, the hacker moved $255k, or about 29 BTC to another unknown wallet keeping the identity a mystery. On the week leading to the fourth anniversary of the attack, Aug 2, the hacker moved of $12 million in BTC, Whale Alert reported – $7 million transferred on August 3 while the remaining $5 million was moved on July 29.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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