In August 2016, Bitfinex was hacked for about 120 000BTC, which was valued at about 72$ Million at the time. Following the hack, Bitfinex put in place some mechanisms to repay their customers, including the Recovery Right Token (RRT). This token can be redeemed at a value of 1$ in the event some of the stolen BTC were found. In total, about 30 000 000 RRT were created.
One year later, the stolen BTC have not been returned, but they are stricly monitored on about 2000 different addresses.
About 30 000 000 RRT are in circulation, and they are valued at about 0.18-0.23$/ RRT. Because BTC value exploded in the last year, only about 2300 BTC need to be returned to bitfinex to repay each of the 30 000 000 RRT at a face value of 1$. This represents 2{dd45967e3c80c098848607e039f394f1d71abf9d2616a5f41310bf044a124834} of the stolen BTC.
You can also see that there is a volume surge on the RRT/BTC graph in the last few days. https://i.redd.it/ogr5nj8t1j601.png
This surge amount to about 100 000 000 RRT in trading volume, which is 3 times more than the total amount of RRT in circulation. This seems oddly strange.
How would you rate the chances of these token being redeemed at face value in the future?
View Reddit by KingVW – View Source
So if Bitfinex gets all the “stolen” BTC back, they will make a huge profit in the hundreds of millions of dollars.
Why am I not surprised?
In my case, I have won a lot of money with that coin … buy at 0.06 and sell at 0.45 … the rise is given every 3 months, now it will touch February … something has to do with the balance settlement of profits Bitfinex …
dont worry they are never getting any of it back, let the specs speculate.
So where did the extra 70 million come from?
0-5{dd45967e3c80c098848607e039f394f1d71abf9d2616a5f41310bf044a124834} in the near future, maybe 10{dd45967e3c80c098848607e039f394f1d71abf9d2616a5f41310bf044a124834} in the long term (but if it happens 10+ years it should be heavily discounted). No idea why they are worth so much.
Dickheads on Reddit continue to argue in favor of Bitfinex. Dickheads don’t recognize an obvious Ponzi. No half-serious crypto trader will consider Bitfinex. Laughable scam exchange, only used by those new to crypto and those who stupidly choose to use a service that has lost customer funds multiple times. I have nothing but disgust for these FOMO mofos that do minimal research when choosing an exchange to use. Use Bitfinex at your own risk. When you lose your money don’t bother coming to Reddit to complain. Because I will get in your thread and laugh at your stupid ass. Using Bitfinex right now is the same as trying to buy Enron stock. For retards only
What I wonder is how the “thief” plans to use the coins. Seems like a good way to get yourself caught.