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Recovery for Victims of the 2016 Bitfinex Bitcoin Heist
McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt APC (MLG) is investigating bringing legal action on behalf of account holders following the Department of Justice’s (DOJ) recovery of the $3.6 billion in Bitcoin stolen from Bitfinex customers in a 2016 hack.
In August 2016, hackers successfully stole 119,756 Bitcoin from the Bitfinex cryptocurrency exchange – an amount equal to $72 million at the time. The hackers accessed users’ wallets on the Bitfinex platform and siphoned out the cryptocurrency. The effects of this breach were felt immediately. The trading price for Bitcoin plummeted instantly following the hack and Bitfinex ceased all trading. Even customers whose wallets remained untouched suffered a 36 percent loss.
To this day, the crime remains unsolved. However, with the arrest of a married couple in February 2022 came a new break in the case. The DOJ officials investigating discovered a virtual treasure trove of the stolen 119,756 Bitcoin, now worth an astonishing $3.6 billion.
If you were affected by the 2016 Bitfinex hack and believe you have lost value, contact MLG or call (909) 345-8110 today to schedule your free consultation!
DOJ’s Recovery of the Stolen Bitcoin After the Bitfinex Hack
The stolen Bitcoin was immediately stored in a single wallet following the heist where it appreciated in value until 2017 when the wallet owner slowly began laundering the Bitcoin through various dark web transaction sites. The married couple that was arrested in connection with the hack later used the Bitcoin to make leisure purchases, but 80 percent of the initial amount remained unspent. The United States government seized the Bitcoin during their investigation.
Bitfinex‘s Intent to Claim the Stolen Bitcoin (and all the appreciated value)
Bitfinex has publicly stated that they intend to lay claim to the stolen Bitcoin. With users across the Bitfinex platform losing money due to the hack, the exchange platform offered those affected the company’s own newly created cryptocurrency token, BFX, to match customers’ losses. BFX, though, was redeemable only for Bitfinex shares or the cash value of the Bitcoin at the time of the heist. Unfortunately for BFX recipients, Bitcoin was in for a meteoric rise in value. Today, one Bitcoin is worth over $42,000. WMA believes the gain from the difference in Bitcoin value should go to the customers and not Bitfinex.
[higlight_box]If your Bitcoin was stolen in the 2016 hack or your wallet’s value fell as a result, you could be eligible to recover years of Bitcoin appreciation. Contact MLG by completing the form or calling (909) 345-8110 today![/highlight_box]
Pursuing Equivalent Recovery of Bitcoin for Victims of the Bitfinex Hack
McCune Law Group (MLG)has defended the rights of consumers nationwide for more than 30 years. With recovery for financial services consumers of over $1 billion, including a $203 million verdict against Wells Fargo Bank, our Financial Services attorneys may be able to help you reclaim what was stolen from victims of the Bitfinex hack.
If your Bitcoin was stolen during the Bitfinex hack in 2016 or your account suffered major losses immediately after, contact MLG by filling out the form or call (909) 345-8110 today!
Handling This Investigation
Dana Vogel is the Director/Managing Attorney of McCune Law Group’s Arizona branch. Ms. Vogel has been practicing law since 2013 when she joined the Arizona State Attorney General’s office as an Assistant Attorney General. While in this role, she specialized in antitrust and consumer fraud matters, going on to co-lead a litigation against General Motors in which she successfully secured a $6 million resolution for Arizona consumers.
Following her success as Assistant Attorney General, Ms. Vogel became the Attorney General’s Antitrust Unit Chief and, later, the Competition, Innovation & Privacy Unit Chief. As Unit Chief, she oversaw the Unit’s caseload and managed multiple attorneys and paralegals as they worked toward justice for Arizona’s consumers. While in this role, Ms. Vogel handled matters including Generic Drug Pharmaceuticals antitrust litigation alongside other State Attorneys General, Facebook antitrust litigation alongside other State Attorneys General and the FTC, and Google antitrust litigation alongside other State Attorneys General and the DOJ. Ms. Vogel has experience in data privacy, FinTech, competition law, consumer protection law, and antitrust cases.
Ms. Vogel was admitted to the Arizona State Bar in 2013.
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