In August 2016, Bitfinex suffered a serious attack that resulted in the theft of 119,756 BTC, which is currently worth about $ 1.35 billion. A small part of the funds (about 27 bitcoins) was recovered in February this year. However, a large amount of the stolen funds from Bitfinex is kept in several wallets.
At the time of the hack, Bitcoin was worth about $ 650. Currently its value has increased almost 20 times.
According to data released by Whale Alert, on August 12, 2019, 30.66 bitcoins ($ 350,000) was moved from one of the wallets involved in the hack. The recipient wallet is an unknown one.
BFX and RRT tokens issued to cover losses
Following the incident, Bitfinex attempted to manage user losses by issuing BFX tokens. These were a dollar-stable type of cryptocurrency that could be converted into shares in iFinex Inc.
Subsequently, the remaining BFX tokens in circulation were converted to RRT (Recovery Right Token), which would be used to offset losses.
So far, the investigations carried out by the exchange in collaboration with the authorities have failed to identify the authors of the hack.
Money stolen from Bitfinex is not the only problem
Recovering stolen funds is just one of the problems Bitfinex is involved in. The New York Attorney General’s (NYAG) case against Bitfinex and Tether has already generated over half a million dollars in expenses. Apparently, the process of document review required the participation of over 60 lawyers.