Bitfinex Announces Return of Seized Property to RRT Holders
BITFINEX
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2023-07-06 22:50
We are pleased to announce that Bitfinex has received $312,219.71 in cash and 6.917 BCH from the United States Department of Homeland Security . This is part of Bitfinex's ongoing efforts, working with law enforcement and other investigation agencies, to recover assets stolen from the exchange in August 2016. The U.S. government continues to make progress in prosecuting individuals involved in the Bitfinex security breach and in seizing funds associated with the theft. Under the terms of Bitfinex's contractual obligations to token holders, the received amounts will be used to redeem Recovery Right Tokens issued by Bitfinex following the 2016 security breach. As there are currently 30 million RRTs in circulation, the amount recovered is not sufficient to redeem all RRT tokens. Pursuant to Bitfinex's contractual commitments, all RRT holders must be redeemed at $1. It is only following this redemption that up to 80 percent of any remaining recovered assets can be paid to UNUS SED LEO token holders. RRT holders will have their tokens redeemed pro rata today, based on the size of their RRT holdings, on July 6, 2023, at 12:00.01 AM UTC. Bitfinex continues to work with relevant law enforcement agencies and through the judicial system to recover property stolen from the exchange during the security breach.