Bitcoin

Million

Billion

<ul>
 <li>iFinex plans a substantial $150 million share buyback, as reported by Bloomberg.</li>
 <li>The decision comes in the wake of the 2016 Bitfinex hack, during which around 71 million Bitcoin was stolen.</li>
 <li>As a remedial measure post-hack, affected users were compensated with company shares.</li>
</ul>
<p>iFinex, the holding entity behind the renowned cryptocurrency exchange Bitfinex, has unveiled plans for a $150 million share buyback, according to recent reports from Bloomberg. This announcement bears significant weight given the company’s history and its efforts to recuperate from past adversities.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">iFinex, the owner of crypto exchange Bitfinex, is planning a $150 million share buyback plan, according to Bloomberg. In 2016, Bitfinex was hacked and approximately 71 million Bitcoin was stolen. Bitfinex provided the company shares as compensation.<a href="https://t.co/iGEOXfC4GO" rel="noopener noreferrer nofollow">https://t.co/iGEOXfC4GO</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1711903304333365718?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 11, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>In 2016, the crypto community was rocked by news of a security breach at Bitfinex, leading to the theft of approximately 71 million Bitcoin. As one of the largest hacks in the cryptocurrency domain, it posed severe challenges for Bitfinex and its stakeholders.</p>
<p>To address the massive financial loss and placate affected users, Bitfinex opted for an unconventional solution. Instead of direct monetary compensation, users were provided with company shares equivalent to their lost funds. This move, although controversial, was seen as an innovative approach to remediate the catastrophic situation.</p>
<p>Now, with the announcement of the share buyback plan, it’s evident that iFinex is taking another step towards consolidating its position and perhaps regaining the trust of its user base. While the specifics of the buyback remain undisclosed, it’s clear that iFinex aims to further stabilize its operations and offer value to its shareholders.</p>
<h4 class="wp-block-heading" id="h-recommended-news">Recommended News :</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/ripple-leaders-unite-to-crush-10b-xrp-buyback-rumors/" rel="noopener noreferrer nofollow">Ripple Leaders Unite To Crush 10B XRP Buyback Rumors</a></li>
 <li><a href="https://cryptonewsland.com/us-government-major-bitcoin-holder/" rel="noopener noreferrer nofollow">US Govt Emerges as Major Bitcoin Holder with $6 Billion</a></li>
 <li><a href="https://cryptonewsland.com/tether-critics-seethe-as-court-dismisses-class-action-lawsuit/" rel="noopener noreferrer nofollow">Tether Critics Seethe as Court Dismisses Class Action Lawsuit</a></li>
 <li><a href="https://cryptonewsland.com/capital-international-buys-12-shares-in-microstrategy/" rel="noopener noreferrer nofollow">Capital International Buys 12% Shares in MicroStrategy</a></li>
 <li><a href="https://cryptonewsland.com/twitter-hacker-bids-200k-ransom-for-200m-controversial-data/" rel="noopener noreferrer nofollow">Twitter Hacker Bids $200K Ransom for 200M Controversial Data</a></li>
</ul>
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/ifinex-announces-150-million-share-buyback-following-historic-bitfinex-hack/">iFinex Announces $150 Million Share Buyback Following Historic Bitfinex Hack</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

iFinex Announces $150 Million Share Buyback Following Historic Bitfinex Hack

Crypto News Land

Other articles published on Oct 11, 2023

AAPL Stock: Can (NASDAQ: AAPL) Price Reach $240 and More?

U.S. Criticizes Europe’s AI Law, Citing Concerns over Vagueness and Impact on Small Firms

Crypto: Arthur Hayes Concerned About BlackRock’s Potential Impact on Bitcoin (BTC)

Bitcoin Miner Hut 8 Stopped Selling BTC in Anticipation of the Halving

Money laundering or error? User purchases CrypToadz NFT for $1.6 million.

JPMorgan Launches Blockchain Collateral Settlement for BlackRock-Barclays Trade!

Join our free newsletter for daily crypto updates!