The Hefty Recovery: $3.6 Billion in Bitcoin
On February 1st, a staggering $2.5 billion migrated from wallets involved in the notorious 2016 Bitfinex hack. In a twist that might make even diehard ‘Ocean’s Eleven’ fans raise an eyebrow, a Cointelegraph report revealed that about 90,000 Bitcoin (BTC), valued at $3.6 billion, pooled together in a single wallet address. Just over a week later, the alleged hackers were caught, making a headline that surely left many crypto enthusiasts shaking their heads.
The Hackers’ Downfall
The United States Department of Justice played the role of the vigilant hero in this ongoing saga. They seized an eye-watering $3.6 billion in cryptocurrency while also arresting two suspects linked to the hack. Ilya Lichtenstein and Heather Morgan couldn’t hide behind the anonymity of the blockchain forever, as federal authorities employed their mystical powers to “follow the money.”
Community Reactions: Celebrations and Speculations
When it comes to the crypto community, reactions are as diverse as the coins themselves. Emin Gün Sirer, the founder of Ava Labs, noted that Morgan’s middle name—Reyhan—might hint at her Turkish roots, speculating that she could have been one of Turkey’s richest individuals at one point. He even applauded law enforcement for retrieving the ill-gotten gains. Sirer tweeted:
“Huge kudos to law enforcement on this one. Many of us never thought the stolen coins would be recovered. This is a testament to the transparency of blockchains, and what savvy law enforcement can do in this new universe.”
Questions Raised by Industry Leaders
But wait, there’s more! Binance CEO Changpeng Zhao chimed in with a couple of burning questions regarding the funds recovery. He wondered whether Bitfinex ultimately lost or profited from the hack. He also pondered how the mysterious $3.6 billion should be divided with LEO token holders or those who suffered losses when accepting LEO post-hack. The intrigue thickens!
Could This Be a Case of the Best Trade Ever?
Host of Crypto Banter, Ran Neuner, had a cheeky suggestion that the hack could actually be the “best trade ever made.” Reflecting on what transpired, he tweeted:
“119,000 Bitcoin was stolen in 2017. Value $76m. Bitfinex repaid the victims the USD equivalent ($76m) over time through a recovery token. Bitfinex gets $3.6bn 5.5 years later. Borrow $76m, repay it slowly, get $3.6bn.”
If that sounds like a wild rollercoaster ride, you’re not alone!
The Plot Thickens with Surprising Facts
As the dust settles, Jack Niewold, founder of Crypto Pragmatist, warns that the effects on Bitcoin and LEO could be substantial. He mentioned that new selling methods might suppress the immediate market impact, but we’re still looking at four billion bucks—a chunk that isn’t exactly pocket change in the crypto world.
Then we have Anthony Pompliano, who wrapped it up with disbelief over the audacity of the hackers, pointing out that one of them was verified on Twitter and even wrote for Forbes! Pomp exclaimed:
“Unreal.”
