Bitfinex offers $ 3.5 million bounty for stolen Bitcoin

Bitfinex offered a reward for the return or info leading to the return in Bitcoin stolen in a recent hack.

Reddit user someguy916 posted in / R / Bitcoin subreddit inquiring about how a large part of the remuneration Bitfinex will be willing to offer for the stolen coins. Zane Tackett, Director of community and product development, responded with a proposal for a small percentage:

“5% of recovery and for information leading to recovery (but no bounty if no recovery); if multiple persons lead to recovery, share pro rata”

When pressed to get that offer into a blockchain contract, Tackett responded that he would respond when he could give a more definite answer.The hack resulted in the loss of 119,756 BTC, or about $70 million in Bitcoin.

The offered 5% would amount to about 5,988 BTC, or $3.5 million. Quite a sum, to be sure, but it still pales in comparison with the scope of the amount lost in the hack.

Bitcoin losses to be "socialities clients

Bitfinex plans to extend loss of $ 70 million , a fairly significant chunk of the total reserves of the company among its customers. This will lead to a loss of 36% for each client, which will be given tokens that can be redeemed as the company may indemnify FO.

However, recovery may be difficult. Gyun Emin Sirer, a Cornell University Professor and co-founder of IC3, after a conversation with a lawyer, said that the scheme loss of socialization will not hold up in court.

Regardless of whether or not the user Bitfinex will file a lawsuit against the company, or what, if any, restitution, such action may produce, remains to be seen.

Not the first break-in and theft at Bitfinex

This is not the first time that Bitfinex was subject to hack. A year ago, a hacker successfully hacked hot wallet of the exchange, the theft of around 1500 BTC.

Fortunately, this figure was only 0.5% of Bitcoin holdings at the time, the rest are stored in a secure multisig wallets, which means that customers were largely unchanged.