Home News Bitfinex hack recovery spurs crypto community responses

Bitfinex hack recovery spurs crypto community responses

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Around $2.5 billion was moved from the Bitfinex breach wallets on February 1st. Following an examination of the transactions, A total of 90,000 Bitcoin (BTC) worth $3.6 billion has been collected into a single wallet address. The hackers were caught after more than a week.

Additionally, The US Department of Justice confiscated $3.6 billion in cryptocurrency and detained two suspects in the 2016 breach. Federal officials used their capacity to “trace the money through the blockchain” to catch alleged hackers Ilya Lichtenstein and Heather Morgan, according to the Department of Justice.

While some of the monies partially recovered in 2019, the most recent recovery astounded the community, since many did not believe the funds would be recoverable after five years. Following that, the cryptocurrency community expressed a variety of emotions.

Morgan’s middle name, “Reyhan,” is a common name in Turkey, and Emin Gün Sirer, the founder of Ava Labs, believes she has Turkish ancestry, making her one of the wealthiest Turks for a long time. He also complimented the authorities on their efforts to reclaim the monies.

Did Bitfinex lose or profit from the hack?

Changpeng Zhao, the CEO of Binance, has highlighted two concerns about the assets’ recovery. “Did Bitfinex lose or profit from the hack?” he wondered on Twitter. “If they receive the BTC back, how should they split it with LEO holders or people who accepted LEO at a loss during the hack and subsequently sold LEO?” he said.

On the other hand, Ran Neuner, the host of Crypto Banter, might know the answer. The hack, according to Neuner’s tweet, maybe the finest trade ever.

Besides, Crypto Pragmatist’s founder, Jack Niewold, feels this has huge consequences for Bitcoin and LEO. “With selling methods like as TWAP and OTC trades, it’s unlikely to have a significant impact on the $BTC market,” he added.

Moreover, Anthony Pompliano, a cryptocurrency entrepreneur, simply stated his scepticism about the perpetrators:

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