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U.S. Government Proposes Returning 120,000 Bitcoin Worth $11.87 Billion to Bitfinex, Who Plans to Sell 80% and Buy LEO

Jan 15, 2025, 02:47 PM

The U.S. government has proposed returning 120,000 Bitcoin, seized from the 2016 Bitfinex hack, to the rightful owners through in-kind restitution. The value of the seized Bitcoin is estimated at $11.87 billion. This proposal aims to return the assets directly to Bitfinex, rather than selling them and returning the proceeds as cash. Bitfinex has publicly communicated its intention to sell 80% of the seized Bitcoin, amounting to 75,709 BTC valued at $7.5 billion, over an 18-month period to buy and burn LEO tokens. The current market cap of LEO is $8.96 billion.