Bitfinex offers 'up to $400 million' as reward for bitcoins stolen during 2016 exchange hack
August 4, 2020, 9:24AM EDT
1 min read
Crypto exchange Bitfinex was hacked and subsequently robbed of nearly 120,000 bitcoins in 2016 — and now, it's offering a big reward in its bid to get them back.
The company said Tuesday that it 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."
Bitfinex appears to be offering a 30% cut of recovered bitcoins as part of the initiative. "The aggregate rewards available under this programme could be worth up to approximately US$400 million at the current BTC price if all bitcoins are fully recovered. The bitcoins stolen minus recoveries in 2019 are worth $1.344 billion today, with 30 per cent of that amount equal to $403,288,427," the firm said.
To date, Bitfinex has recovered roughly 27 BTC, which were obtained by the U.S. government during an investigation. At the time Bitfinex received those funds in early 2019, the exchange hinted at a financial reward for those with information leading to additional recoveries.
The hack took place on August 2, 2016, and ever since then, funds tied to the breach have moved through a series of traced wallets. Last week, more than $27 million in stolen bitcoin was transferred, as The Block reported at the time.