Bitfinex has announced that it has redeemed all of the BFX tokens issued after the crippling hack last summer that removed almost 120.000 Bitcoins from customer’s wallets.
In August 2016, the Hong Kong based exchange was hit by a massive hack, stripping customer’s accounts of 119,756 Bitcoins, or around 70 million dollars. The attack on the leading Bitcoin exchange shook the whole market, with Bitcoin prices dropping within hours. The exchange decided to distribute losses among all users, with a general loss percentage of 36%. BFX tokens were created after the hack, with an obligation to return the 36% of lost funds to all customers.
“This will be the final redemption of BFX tokens created in August 2016. After these redemptions, no BFX tokens will remain outstanding; they will all be destroyed,” the exchange announced on the official blog.
The tokens were bought back by Bitfinex at a price of 1USD, in a process that took around 45 minutes.