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Cryptocurrencies

Bitfinex recuperates all remaining 'Hack Credit' tokens

Tuesday 4 April 2017 | 10:23 AM CET

Bitfinex, a digital currency exchange, has bought back all of the remaining cryptographic tokens it used to reimburse investors who lost funds in its August 2016 hack.

The exchange reduced its internal reserves to purchase the remaining tokens at their USD 1 face value, and moved to shut down the markets associated with them. At press time, officials at the exchange said all so-called 'BFX tokens' have been destroyed, according to Coin Desk. Furthermore, investors have been reimbursed with US dollars.

The move follows the August 2016 hack of the exchange that drained 120,000 BTC from the exchange’s reserves. The BFX tokens thus represented an equity obligation to return the 120,000 BTC back to platform users sometime in the future.

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