Now who are the owner of Bitfinex hacked Bitcoins which are now recovered?

Jemzx00

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Quote from: adaseb on February 14, 2022, 01:01:10 AM

I was one who had their coins stolen back in 2016 and I don’t think I will get them back even if they were recovered. Basically after the hack they gave everybody some token for their company.

The token went up and I sold and my loss in fiat terms was minimal so I just moved on with my life. Then eventually the token was 1:1 with what was stolen but I already sold.

So most people especially if they held everything got paid back in fiat, not Bitcoin. I doubt they will give us our bitcoins back.

It's great to hear your response on this scenario especially that you are one of the affected users from Bitfinex incident. Also, based from the information you've provided and the information I've read online, it seems like both infos matched. I guess even though that you've almost received most of the amount you've lost at that time in terms of fiat, it's best if you will still receive some percentage of the bitcoin recovered as the price of bitcoin isn't the same as before.

Also, I hope this article is true and hopefully you'll be able to receive some bitcoin that you own way back then.

Quote from: batang_bitcoin on February 13, 2022, 05:16:52 PM

Article: Who gets the $3.6BN in Bitcoin US seized in Bitfinex hack?

jostorres

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Quote from: MyIdeas on February 13, 2022, 03:44:21 PM

In 2016 Bitfinex was hacked which gave a huge lose to the community and especially to the users of bitfinex. Now as the bitcoins recovered what will be its decision. Did the bitfinex paid the lose to the customers at that time or not. If yes then will the bitcoins be given to bitfinex or the customers are still waiting for to recover their bitcoins?

We do not know if who are the owners because their information are confidential but bitfinex knows it because they are the owner of the exchange and they hold their costumers' KYC documents.

I am not sure if bitfenix paid their costumers back in time but now that the hack bitcoins are recovered. They can now return this into their respective owners if the owners of those coins are still using bitfenix but it was a long time since the hacked begun. It's now 2022 and for sure most of us have moved on, using a different exchange that they think safe from hacks but I do not think such exist. Different exchanges are still reported being hacked from time to time.

Leviathan.007

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Well, actually the case is kinda old and as far as I know, this happened back in 2016 when bitcoin was not valuable like this and it was not a huge amount of money for many people who lose their coins. As far as I know, they have to give back the bitcoins to people, here bitfinex should refund the money but since the case is pretty old this may take some time for them to refund all the coins, or in other theory, they may find another reason to do not refund any coins and changing the price of bitcoin can be one reason for them in this theory.

batang_bitcoin

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Quote from: MyIdeas on February 13, 2022, 05:47:40 PM

Quote from: batang_bitcoin on February 13, 2022, 05:16:52 PM

This article is a good read about what has happened before after the hack and as well as where the recovered bitcoins must go.
Article: Who gets the $3.6BN in Bitcoin US seized in Bitfinex hack?
It's actually a developing story and we still need to wait further for the decision about it. It is not only bitfinex that will decide on this, do they or not?

It really make the situation critical after reading that. Both the parties are claiming but the tokens they distributed in compensation at the time of hack was at $1 and is still around there. While bitcoin rose up much higher.
Bitfinex also made another token which were the share of the coin holders and they said that they will refund according to that share. It may help the process to work out.

Now for those who say that the compensated coin is still there while their bitcoin rose high up then at that time bitfinex paid the amount in token worth of equal to their bitcoins. So the bitcoin holders were free to buy back bitcoin the same amount as they had.

Still the situation is waiting for the results and the community is waiting to see that how a situation like this is resolved.

Exactly, that's what the article has said on what Bitfinex had done just after the hack. Now that the bitcoins have recovered, I don't know how they're going to react on it or they already have a master plan on how to deal with the victims that are contesting those recovered bitcoins.
I think it's lawful that they just return the recovered bitcoin and the government might be on the customer's side. But, who knows on which side they're going to be part of.

adaseb

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I was one who had their coins stolen back in 2016 and I don’t think I will get them back even if they were recovered. Basically after the hack they gave everybody some token for their company.

The token went up and I sold and my loss in fiat terms was minimal so I just moved on with my life. Then eventually the token was 1:1 with what was stolen but I already sold.

So most people especially if they held everything got paid back in fiat, not Bitcoin. I doubt they will give us our bitcoins back.

crwth

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The people who were affected should be the ones who get the hacked BTC's. It's important to have the recovered coins to comeback to the original owners because that's how they are going to regain trust towards the community again and that's how they can be more famous with the exchange. Even if it was years ago, they should've given something towards the people who had been affected.

stomachgrowls

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Quote from: Wexnident on February 13, 2022, 11:49:31 PM

Quote from: batang_bitcoin on February 13, 2022, 05:16:52 PM

This article is a good read about what has happened before after the hack and as well as where the recovered bitcoins must go.
Article: Who gets the $3.6BN in Bitcoin US seized in Bitfinex hack?
It's actually a developing story and we still need to wait further for the decision about it. It is not only bitfinex that will decide on this, do they or not?

Seems like a lot of others want their Bitcoin back, but considering that Bitfinex compensated them somehow, just that it seems like the compensation was valued at what it was when the exchange was hacked? So it's like the amount to be returned to the original owners were the value of their assets way back then in USD, instead of the exact assets themselves. It's kinda difficult ig, but as I said, considering how Bitfinex compensated the owners, it wouldn't be odd for them to say that they technically own the Bitcoin now, and not the users.

They are totally owning those coins unless if they havent really given any refund into those old times on the time that theyve been hacked but we've seen that they do made out some action and paid

up those who had been affected which there would be no further complaints that they could throw against unless if Bitfinex would consider on adding up at least because the value now is way more

higher compared into those times but just like on others been saying that Bitfinex wouldnt really be having that responsibility on doing so.

Wexnident

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Quote from: batang_bitcoin on February 13, 2022, 05:16:52 PM

This article is a good read about what has happened before after the hack and as well as where the recovered bitcoins must go.
Article: Who gets the $3.6BN in Bitcoin US seized in Bitfinex hack?
It's actually a developing story and we still need to wait further for the decision about it. It is not only bitfinex that will decide on this, do they or not?

Seems like a lot of others want their Bitcoin back, but considering that Bitfinex compensated them somehow, just that it seems like the compensation was valued at what it was when the exchange was hacked? So it's like the amount to be returned to the original owners were the value of their assets way back then in USD, instead of the exact assets themselves. It's kinda difficult ig, but as I said, considering how Bitfinex compensated the owners, it wouldn't be odd for them to say that they technically own the Bitcoin now, and not the users.

Flexystar

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Quote from: jackg on February 13, 2022, 04:32:55 PM

This is an interesting thought I had recently too.

The hacked funds were taking in cryptocurrencies but a lot of the payouts and buybacks were done in fiat. Since it was in 2016 it started and took a few years for people to be paid back, bitfinex might have to refund people their crypto but they might find a reason not to...

It’s also unclear to me who and what decides that whose accounts were hampered? Like when we say exchanger got hacked, does it mean that there is only one core wallet like that in bank which was stolen and thus every user is hampered with it? Or the hack was on individuals account and thus accounting to that big amount which was stolen back in time!!

It’s little tricky to understand. Since the news articles only publish superficial reviews of incidence it’s always unclear to me what might have exactly happened!

g-uid

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From https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions

"virtual currency is treated as property"

If Bitcoin is property then it is returned back to its owner.

If the owner was paid out by an insurance company, then the next rightful owner is the insurance company.

Danydee

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Quote from: paxmao on February 13, 2022, 07:33:23 PM

There seems to be little room for discussion. If the crypto was stolen from Bitfinex, the bitcoin would go back to them. In my view you have a set of contracts, on that links bitfinex to their customers as a custodian of their funds and another, based on the bitcoin chain, that confer property of the bitcoins to Bitfinex.

I wonder if money stolen from a bank would also be in question in the same way. Stolen from bank, return to bank. End.

Maybe, at the exception of in that case, they should provide compensation to all the old users.. as if you know after the hack, they decided to reduce by 36% the balance of all users.

paxmao

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There seems to be little room for discussion. If the crypto was stolen from Bitfinex, the bitcoin would go back to them. In my view you have a set of contracts, on that links bitfinex to their customers as a custodian of their funds and another, based on the bitcoin chain, that confer property of the bitcoins to Bitfinex.

I wonder if money stolen from a bank would also be in question in the same way. Stolen from bank, return to bank. End.

Danydee

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Anyway the bitcoins recovered are still on the hands of the US government, may that be a factor in ending that to a fair retribution !

AmoreJaz

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Quote from: MyIdeas on February 13, 2022, 05:47:40 PM

Quote from: batang_bitcoin on February 13, 2022, 05:16:52 PM

This article is a good read about what has happened before after the hack and as well as where the recovered bitcoins must go.
Article: Who gets the $3.6BN in Bitcoin US seized in Bitfinex hack?
It's actually a developing story and we still need to wait further for the decision about it. It is not only bitfinex that will decide on this, do they or not?

It really make the situation critical after reading that. Both the parties are claiming but the tokens they distributed in compensation at the time of hack was at $1 and is still around there. While bitcoin rose up much higher.
Bitfinex also made another token which were the share of the coin holders and they said that they will refund according to that share. It may help the process to work out.

Now for those who say that the compensated coin is still there while their bitcoin rose high up then at that time bitfinex paid the amount in token worth of equal to their bitcoins. So the bitcoin holders were free to buy back bitcoin the same amount as they had.

Still the situation is waiting for the results and the community is waiting to see that how a situation like this is resolved.

for sure, those bitfinex users that were affected by that hack are now checking their account if it is still active or not, because as we don't know yet the consequences of this recovery, they can only hope to possibly get something out of it, if they haven't compensated yet by the exchange.
as this will take time regarding discussions, investigations and coming up to a fair decision, better for those users to take care of their accounts. so if anything positive comes in, they are ready to submit their case.

MyIdeas

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Quote from: batang_bitcoin on February 13, 2022, 05:16:52 PM

This article is a good read about what has happened before after the hack and as well as where the recovered bitcoins must go.
Article: Who gets the $3.6BN in Bitcoin US seized in Bitfinex hack?
It's actually a developing story and we still need to wait further for the decision about it. It is not only bitfinex that will decide on this, do they or not?

It really make the situation critical after reading that. Both the parties are claiming but the tokens they distributed in compensation at the time of hack was at $1 and is still around there. While bitcoin rose up much higher.
Bitfinex also made another token which were the share of the coin holders and they said that they will refund according to that share. It may help the process to work out.

Now for those who say that the compensated coin is still there while their bitcoin rose high up then at that time bitfinex paid the amount in token worth of equal to their bitcoins. So the bitcoin holders were free to buy back bitcoin the same amount as they had.

Still the situation is waiting for the results and the community is waiting to see that how a situation like this is resolved.

batang_bitcoin

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This article is a good read about what has happened before after the hack and as well as where the recovered bitcoins must go.
Article: Who gets the $3.6BN in Bitcoin US seized in Bitfinex hack?
It's actually a developing story and we still need to wait further for the decision about it. It is not only bitfinex that will decide on this, do they or not?

Mahanton

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Quote from: jackg on February 13, 2022, 04:32:55 PM

This is an interesting thought I had recently too.

The hacked funds were taking in cryptocurrencies but a lot of the payouts and buybacks were done in fiat. Since it was in 2016 it started and took a few years for people to be paid back, bitfinex might have to refund people their crypto but they might find a reason not to...

It would really be just considerable if Bitfinex would really consider out on not to give any coins back into those users who had been affected by the hack.Why? They had already refunded or compensate earlier which means
they dont have already the responsibility of doing so even the coins been retrieved out but pretty much sure that there would be users who would really file up and tending to have some part
but on general or actual sense of things then they do have the full rights on whatever Bitfinex would really to do about of those coins.

jackg

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https://bit.ly/387FXHi lightning theory

This is an interesting thought I had recently too.

The hacked funds were taking in cryptocurrencies but a lot of the payouts and buybacks were done in fiat. Since it was in 2016 it started and took a few years for people to be paid back, bitfinex might have to refund people their crypto but they might find a reason not to...

MyIdeas

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In 2016 Bitfinex was hacked which gave a huge lose to the community and especially to the users of bitfinex. Now as the bitcoins recovered what will be its decision. Did the bitfinex paid the lose to the customers at that time or not. If yes then will the bitcoins be given to bitfinex or the customers are still waiting for to recover their bitcoins?

Topic: Now who are the owner of Bitfinex hacked Bitcoins which are now recovered? (Read 155 times)