Through the course of this article, we will understand all about the Bitcoin recovered from the Bitfinex hack and how this will affect the Leo token.
The adoption of a modern transaction system by many countries, private sectors, and organizations has resulted in cryptos and blockchain cutting across many elements of transactions, particularly digital transactions, as a result of the growth of cryptocurrencies and the blockchain industry.
Given the unpredictable nature of cryptocurrency and the blockchain sector and the privacy that is one of its key benefits, it is unsurprising that hackers and shady characters will attempt to utilize the platform for unlawful activities.
One of the significant events in the crypto industry in 2016 was the Bitfinex heist, in which nearly $3.6 billion worth of bitcoin was stolen through a successful breach. This rocked many crypto users and investors.
The US Department of Justice has retrieved $3.6 billion in Bitcoin following the 2016 Bitfinex hack. The crypto community hailed the authorities’ move, calling for justice. Furthermore, the firm has been debating about the assets that were stolen. Bitfinex, on the other hand, argues that its partnership with UNUS SED LEO has helped the digital asset reach new heights.
How Does This Affect Bitfinex?
On Tuesday, the US Department of Justice solved one of the greatest crypto thefts, dating back to the 2016 Bitfinex attack. Authorities have seized Bitcoin worth $3.6 billion. The couple accused of the crime is suspected of initiating over 2,000 fraudulent transactions in addition to laundering 119,754 bitcoins stolen in a hack.
The transactions, originally valued at $71 million in Bitcoin, are now worth about $4.5 billion. About 25,000 Bitcoins have been discovered to have been laundered over the last five years. Some of these assets were transferred to accounts held by Lichtenstein and Morgan, the hacking couple.
The remaining stolen coins in the wallet, totaling approximately 94,000 BTCs, were used to receive and store the hacking earnings. Almost 94,000 Bitcoins were seized, with a total worth of more than $3.6 billion at the time of the seizure.
Crypto experts then point out that the US government now owns one of the world’s largest Bitcoin wallets, giving them the power to create or disrupt trends in the industry. As a result, sections are currently considering whether or not to pass the legislation in the foreseeable future.
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How Does This Affect The Leo Token?
Bitfinex said in a recent statement that it would work with the DOJ and follow all legal processes to prove its claim to the stolen Bitcoin’s retrieval. The corporation also claims it will be paid if the stolen Bitcoin is recovered. The firm will spend 80% of the recovered assets within 18 months to buy and burn outstanding UNUS LEO tokens. As stated in the whitepaper for the UNUS LEO cryptocurrency.
The LEO would be the utility token for the iFinex network. Token users will have access to all of the portfolio’s benefits and incentives from prospective initiatives, products, and services, irrespective of how they are defined in the white paper.
iFinex and its partners will purchase back LEO in stages at a minimum of 27%. From the previous month’s revenue until the tokens are no longer in circulation commercially. Furthermore, an amount equivalent to 95% of the returned net cash from Crypto Capital would be used to purchase and burn outstanding LEO tokens in 18 months of the date of recovery.
The price of LEO was trading at $7.51 at the time of publication, up 53.7 percent. The market capitalization of the asset is around $7,019,754,034. For the day, the total volume of trades is $42,179,736. The digital asset hit an all-time high of $8.14 just a few hours ago.
Conclusion
Nonetheless, the recovery of a large amount of Bitcoin from Bitfinex’s 2016 breach has caught the interest of the cryptocurrency community. In addition, the Bitfinex strategy has also attracted public interest. UNUS SED LEO may also be on its route to a higher market capitalization position in the industry.
It is recommended that investors and crypto users fully comprehend what this information entails to make the best investment decision on the Leo token and make the correct deductions regarding the Bitfinex recovery of this massive amount of Bitcoin, which has grown considerably since the time it was stolen.
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