Home » Bitfinex token LEO jumps 45% after US recover $3.6 billion BTC stolen in 2016

Bitfinex token LEO jumps 45% after US recover $3.6 billion BTC stolen in 2016

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1860 bitfinex token leo jumps 45 after us recover 3 6 billion btc stolen in 2016

Bitfinex cryptocurrency

Bitfinex Token LEO Jump 45% After US Recover $3.6 Billion BTC Stolen In 2016

Bitfinex has seen a massive surge in its native cryptocurrency, LEO, after the US Department of Justice seized the cryptocurrency equivalent of $3.6 billion associated with the 2016 hack of the Bitfinex exchange.

LEO jumped up some 45% following this news, with the price of one LEO token currently hovering around $1.09.

The associated funds were stolen as a result of the 2016 hack when approximately 120,000 BTC was stolen from Bitfinex. It is believed that this was one of the largest ever crypto-hacks in history.

The Recovery Efforts

The Department of Justice conducted a major investigation to track down and recover the stolen BTC, which took four years to complete.

The US government also managed to return millions of dollars in cash to customers of Bitfinex who lost money in the attack.

The Impact On Bitfinex

The news of the BTC recovery has had a positive effect on Bitfinex and its associated token, LEO. This surge in the LEO price is great news for the Bitfinex team, who have been working hard to rebuild their reputation since the 2016 hack.

This development shows that the US government is committed to helping the cryptocurrency industry reclaim funds lost due to cyber-crime.

What Does This Mean For The Crypto Market?

This news is also likely to have a positive impact on the wider cryptocurrency market. The recovery of the stolen BTC provides a powerful message that the US government is serious about tackling crypto-crime.

This should encourage investors to feel more confident about investing in cryptocurrencies, which in turn could lead to increased adoption of the technology.

Conclusion

The news of the successful recovery of stolen BTC from the 2016 Bitfinex hack is great news for the exchange platform and its LEO token. It also gives an encouraging signal to the wider cryptocurrency industry, which could help lead to increased adoption of blockchain technology.

The cryptocurrency markets have been soaring in recent months, and the recent surge of a particular digital asset has been nothing short of remarkable.

Bitfinex’s token LEO recently jumped 45% in value after the United States government announced the successful recovery of $3.6 billion worth of Bitcoin stolen in 2016. The meteoric surge in the token’s value occurred within a matter of hours and coincides with the announcement by the US Attorney’s Office in Manhattan.

The stolen bitcoin, originally worth approximately $72 million when it went missing, had been laundered through a complex web of international transfers after the initial theft. The stolen cryptocurrency was reportedly located when the FBI and the U.S. Attorney’s Office located, seized and forfeited the stolen funds through a series of cryptocurrency transactions.

The news has been welcomed by the crypto-community; the token is now the second-largest digital asset offered by a major crypto exchange and its 45% jump in value is one of the biggest one-day gains on a digital asset since Bitcoin’s infamous 2017 bull-market.

Analysts from Weiss Crypto Ratings were quick to weigh in on the news, noting that “After all said & done, Bitfinex is holding more than 1 billion dollars in tokens – and all of it can be traced back to its origins.” They further noted that this was an example of the cryptocurrency industry succeeding due to its inherent transparency as opposed to typical financial systems.

Overall, Bitfinex’s story is a testament to the strength and transparency of the cryptocurrency industry. The news of the successful recovery is sure to be a major talking point for skeptics who have continually contradicted the notion of cryptocurrencies being a viable and secure financial instrument.

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