Do you know the hacker who stole 119,755 BTC from Bitfinex four years ago? Yes, the annoucement of the reward of $400 million is made by exchange giant Bitfinex. The only condition is that you will have to connect the hacker with the exchange, If you know him.
After reading the article I came to know that exchange giant Bitfinex is offering two types of reward -
- The individual who will connect the hacker with the exchange will get 5% of the total assets recovered
- While the hacker will get 25% of the assets recovered.
The value of 119,755 Bitcoin was $344 billion when it was stolen from the exchange. However I don’t know its current value.
Do you think someone will reveal the hacker to Bitfinex? I don't think anyone would know about the hacker. It is only possible if the hacker itself wants to connect with the exchange. However the exchange is offering 25% of recovered assets to the hacker. But the question arises that why the hacker will take 25 % of recovered assets instead of 119,855 BTC. I think this reward should have been announced very earlier.
How crypto scams are increasing mistrust?
Crypto scam is not a new thing in this area. But now-a-days such activities have increased massively. Many crypto scams have been seen in the last few months. For example, several ponzi schemes that have involved cryptocurrencies, ransomware attacks, fake ICOs, fake giveaways and many more. I am also a victim of a fake giveaway. Such crypto scams have forced governments of all countries to think whether to regulate crypto or not.
Still, if we see, cryptocurrency has not been regulated in many countries. And wherever it has been regulated, there is still a lot of confusions regarding cryptocurrency. A few days ago in India, a decision of the Supreme Court went in favor of the crypto community. In April, 2018, the Central Bank of India (RBI) put ban on the transaction between crypto exchanges and banks. This had greatly increased the problem of crypto users. They were not able to transfer money directly from the crypto exchange to their bank account. Similarly, transfer of money from banks to crypto exchanges was also not possible. In this way the crypto businesses suffered huge financial losses. Some crypto firms shut down their operation completely and some of them moved outside India. Zebpay is one of them.
Just yesterday I again read a news saying that the Indian government is going to bring a new law to ban crypto trading in the country. The bill will be introduced in Parliament in late August or starting of September, 2020. Crypto companies and users have greatly scared by this news. I don’t know whether Indian government is making a new law to ban crypto trading in the country or not but it seems that it will take a long time to regulate cryptocurrency across the world. Until then the crypto community will have to contend with the law.