US Federal Court Rules in Favor of Bitfinex, Orders Return of 94,643 BTC

In a recent ruling, a US federal court has ordered the return of 94,643 Bitcoins (BTC) to Bitfinex, a cryptocurrency exchange that was hacked in 2016. The stolen coins, valued at around $72 million at the time of the hack, are now worth approximately $9 billion.

The Details of the Ruling

The ruling comes after the Department of Justice (DOJ) managed to seize 94,643 BTC associated with the hack in 2022. The DOJ is still working to recover the remaining stolen coins, which were subjected to money laundering attempts. The court’s decision has been met with mixed reactions, with some viewing it as a victory for the crypto community and others as a controversial ruling.

The People Behind the Hack and Money Laundering

The individuals behind the hack and money laundering attempts are Ilya Lichtenstein and his wife Heather Morgan, also known as “Bitcoin Bonnie and Clyde.” Lichtenstein, a low-key IT entrepreneur, and Morgan, a rapper and writer, were involved in a sophisticated crypto hack and money laundering scheme. They have both pleaded guilty to their involvement and are facing prison sentences. Lichtenstein has taken full responsibility for the hack and expressed his willingness to return the stolen funds.

Is the Ruling Controversial?

The ruling has sparked debate within the crypto community, with some arguing that the stolen funds should be returned to the affected clients, while others believe that Bitfinex should receive the coins. The time frame set for clients to claim a portion of the restitution, until January 28, has been criticized as being too short. Ultimately, the ruling has left a window of opportunity for affected clients to claim their share of the restitution.

Those who believe that the stolen funds should be returned to the affected clients barely see the ruling as justified.

Tips for affected Bitfinex clients:

  • Claim your portion of the restitution individually until January 28.
  • Be aware of the potential impact on the market as the recovered coins are released back to Bitfinex.
  • Stay informed about the ongoing case and any developments that may affect your claim.

Stay up-to-date with the latest news on Global Crypto News for more information on this and other crypto-related topics.

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