recovery Archives - Coin Engineer

$12 Billion Worth of Bitcoin Returns to Bitfinex

Tanju Akbıyık — Thu, 16 Jan 2025 10:00:10 +0000

A US court has ruled that the Bitcoins stolen during the 2016 hack of the Bitfinex exchange will be returned directly to Bitfinex. This decision was made as part of the case involving defendants who pleaded guilty to money laundering and conspiracy charges.

Value of Stolen Bitcoins from Hack Has Multiplied

The approximately 120,000 Bitcoin seized during the hack was worth $71 million at the time. However, when the US Department of Justice seized these assets in 2022, their value had increased to $3.6 billion. Today, the total value of these Bitcoins has reached approximately $12 billion.

Recovery Process and Developments

On July 6, 2023, Bitfinex received $312,219.71 in cash and 6,917 BCH from the US Department of Homeland Security. These funds will be used to repay the “Recovery Right Tokens” offered to investors following the attack.

On October 25, 2020, concerns arose when approximately $20 million worth of crypto was moved from wallets under US government control.

Legal Process and Status of Defendants

Defendants Ilya Lichtenstein and Heather Morgan were sentenced in November 2024 after pleading guilty to money laundering charges. Since their arrest in February 2022, authorities have recovered approximately $10 billion worth of stolen assets. Other seized assets will be subject to separate processes.

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Bitcoin Bulls Suffer Biggest Losses in a Year as Market Crashes

admin — Mon, 08 Jul 2024 17:30:30 +0000

Crypto analyst points to significant damage from recent declines and suggests a few months may be needed for a recovery.

An analyst from on-chain analysis platform Santiment focused on the impact and recovery timeline of the recent declines in Bitcoin.

Bitcoin’s plunge to $54,000 has triggered a long squeeze, with long futures positions suffering their biggest losses in a year, according to the analyst.

Will Bitcoin rebound from here?

The analyst noted that the heavy liquidations have led investors to believe “it’s time for a reversal,” but argued that this may not happen immediately.

He pointed out that after a similar magnitude of large liquidations in 2023, significant gains were seen after about 2-3 months. The August decline of last year brought a period of sideways consolidation, with the price not starting to rise again until October.

Bitcoin is up 0.4% in the last 24 hours and is currently trading at $57,600, according to CoinGecko data.

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Bitcoin Miners Sold $2 Billion BTC Since June

admin — Sun, 23 Jun 2024 17:00:14 +0000

Data shows that Bitcoin mining companies are making significant BTC sales to cover their costs.

According to a recent report by IntoTheBlock, a crypto analytics firm, Bitcoin miners have sold over 30,000 BTC (approximately $2 billion) since June.

This selling rate is the fastest observed in over a year. Analysts believe that the recent halving event triggered this sell-off due to the potential decline in profits.

QCP Capital expressed the pressure Bitcoin miners are currently facing. The post-halving break-even prices have put miners under significant pressure. As a result, miner BTC holdings have fallen to their lowest level in 14 years, with total reserves down 50,000 since the beginning of the year.

Adding to the market’s nervousness is the emergence of a new large supply pool. The German government is reportedly selling around 3,000 BTC, with another 47,000 BTC expected to be sold.

Despite the current market conditions, QCP believes that the volatile market is pointing to a bullish outlook towards the end of the year. QCP Capital’s trading desk observed a large amount of put option selling for sub-one-month maturities and aggressive call option buying from September to December. According to the firm, this suggests that the market is pricing in a summer consolidation period followed by significant movement towards the US elections.

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