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Will $3.6B Worth Bitcoin Recovered From The Hack, Is LEO On The Verge Of Entering The Top-10 List?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Feb 9, 2022

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The global crypto market has sailed across a major event, which it had been longing for close to 8 years. The hack from 2016 where crypto exchange firm Bitfinex where the firm had to face the brunt. Has finally found light at the end of the tunnel. 

Successively, the U.S Department of Justice has recovered $3.6 Billion worth of Bitcoin, from the 2016 Bitfinex hack. The move by the authorities is being lauded by the crypto fraternity, who were seeking justice. In addition, the business has been pondering over the seized amount. On the contrary, Bitfinex cites its initiatives with UNUS SED LEO taking the digital asset to an ATH.

Does The U.S Now Hold One Of The Largest Sack Of BTCs?

 The U.S. Department of Justice on Tuesday has untangled one of the biggest crypt theft, dating back to 2016 from the Bitfinex hack. The authorities have seized a staggering  $3.6 B worth of Bitcoin. The duo who are accused of laundering 119,754 bitcoin stolen after a hack. Are said to have initiated more than 2,000 unauthorized transactions. 

The transactions which back then valued at $71 Million in Bitcoin, Now stand over $4.5 Billion in valuation. It is learned that, over the last 5 years, about 25,000 of the Bitcoin that were stolen were laundered. Some of which were deposited into financial accounts under the control of  Lichtenstein and Morgan. 

The remaining stolen funds holding more than 94,000 BTCs remained in the wallet. That were used to receive and store the proceeds from the hack. The recovered Bitcoin counts to over 94,000 BTCs that are worth over $3.6 B at the time of seizure. 

Successively, savvies cite that, The US government entity now holds control over one of the largest Bitcoin wallets in the world. Giving them the power to make or break the trends in the industry. Wherefore, sections are now pondering over the enactments in 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 DOJ and follow appropriate legal proceedings. To establish its rights to a return of the 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 repurchase and burn outstanding UNUS LEO tokens, within 18 months. As described in the whitepaper of the UNUS LEO token.

The LEO would be the utility token of the iFinex ecosystem. Token holders will be getting access to benefits across the entire portfolio and are expected to receive benefits from future projects, products, and services. Irrespective of it being described in the white paper.  

Successively, iFinex and its affiliates will be buying back LEO to a minimum of 27%. Of the revenues from the previous month until tokens are not in commercial circulation. In addition, an amount equivalent to 95% of recovered net funds from Crypto Capital would be used to repurchase and burn outstanding LEO tokens within 18 months from the date of recovery.

The price of LEO at the time of press is changing hands at $7.51 with gains of 53.7%. While the market cap of the asset is at about $7,019,754,034. The volume of trades for around the clock is at $42,179,736. The digital asset peaked at its ATH of $8.14 a couple of hours.

In conclusion, the recovery of the gargantuan amount of Bitcoin from Bitfinex’s hack from 2016, has brought cheer amongst the folks. In addition, the initiative by Bitfinex has garnered the interest of the masses. Moreover, UNUS SED LEO could possibly embark on a trek to higher market cap rankings in the industry.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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