The global crypto market has sailed through a major event, which it had been waiting for close to 8 years. The 2016 hack in which cryptocurrency exchange Bitfinex had to face the brunt. You have finally found the light at the end of the tunnel.
In succession, the US Department of Justice recovered $3.6 billion worth of Bitcoin, from the 2016 Bitfinex hack. The move by authorities is drawing praise from the crypto fraternity, who were seeking justice. In addition, the company has been pondering the amount seized. In contrast, Bitfinex cites its initiatives with UNUS SED LEO bringing the digital asset to an ATH.
Does the United States now have one of the biggest looting of BTC?
The US Department of Justice has unraveled one of the biggest crypto heists on Tuesday, dating back to 2016 from the Bitfinex hack. Authorities have seized a staggering $3.6B worth of Bitcoin. The duo accused of laundering 119,754 stolen bitcoins following a hack. They are said to have initiated more than 2,000 unauthorized transactions.
Transactions that were then valued at $71 million in Bitcoin are now over $4.5 billion in valuation. It is known that, in the last 5 years, around 25,000 of the Bitcoin that were stolen were laundered. Some of which was deposited into financial accounts under the control of Lichtenstein and Morgan.
The remaining stolen funds containing more than 94,000 BTC remained in the wallet. That was used to receive and store the proceeds from the hack. The recovered Bitcoin counts over 94,000 BTC worth over $3.6B at the time of the seizure.
Successively, experts cite that, the US government entity is now in control of one of the largest Bitcoin wallets in the world. Giving them the power to make or break trends in the industry. Therefore, the sections are now reflecting on enactments in the near future.
Will LEO Token now make it to the top 10 list?
Bitfinex in a recent statement cites that the firm will work with the Department of Justice and follow the appropriate legal procedures. To establish your rights to the return of stolen Bitcoin. The firm further cites that if it receives a recovery of the stolen Bitcoin. The firm will use 80% of the recovered amount to buy back and burn outstanding UNUS LEO tokens, within 18 months. As described in the UNUS LEO token whitepaper.
The LEO would be the utility token of the iFinex ecosystem. Token holders will have access to the benefits of the entire portfolio and are expected to receive benefits from future projects, products and services. Regardless of what is described in the white paper.
Subsequently, iFinex and its affiliates will repurchase LEO up to a minimum of 27%. From the income of the previous month until the tokens are not in commercial circulation. Additionally, an amount equal to 95% of the net funds recovered from Crypto Capital would be used to buy back and burn outstanding LEO tokens within 18 months from the date of recovery.
LEO price at press time is changing hands at $7.51 with gains of 53.7%. While the market capitalization of the asset is approximately $7,019,754,034. The trading volume for the entire day is $42,179,736. The digital asset peaked at its ATH of $8.14 a couple of hours ago.
In conclusion, the recovery of the gigantic amount of Bitcoin from the 2016 Bitfinex hack has brought joy among the people. Furthermore, the Bitfinex initiative has gained the interest of the masses. Additionally, UNUS SED LEO could possibly embark on a journey towards higher market cap rankings in the industry.
This post Will $3.6 Billion in Bitcoin Recover from the Hack? Is LEO about to break into the top 10 list? – Coinpedia – Financial Technology and Cryptocurrency News Media
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