US Government Orders Return of $11,000,000,000 Seized Bitcoin from Bitfinex Hack

News on the Blockchain, January 16th, 2025

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📈 Preview On Today’s News:

1. - US Government Orders Return of $11,000,000,000 Seized Bitcoin from Bitfinex Hack

2. - Dubai Unveils Ambitious 17-Storey Crypto Tower for Web3 Innovation

3. - Trump's Incoming Administration Set to Overhaul Crypto Policy

Keep reading below for more!

Today’s News:

1)

US Government Orders Return of $11,000,000,000 Seized Bitcoin from Bitfinex Hack

The US government has announced that the 120,000 BTC seized from the 2016 Bitfinex hack—now estimated to be worth $11 billion—will be returned to its rightful owners as in-kind restitution. Initially stolen when the tokens were valued at around $70 million, their value has increased dramatically over the years, making this one of the largest cryptocurrency restitutions in history. The court filing confirms that, following plea agreements, the assets should be returned to Bitfinex, while the individual responsible for the hack, Ilya Lichtenstein, was sentenced to five years in prison last November.

• The US government confirmed that 120,000 BTC, now valued at $11 billion, will be returned to Bitfinex as in-kind restitution for the 2016 hack.

• The tokens, originally worth $70 million at the time of the theft, have seen a significant surge in value, with the responsible party, Ilya Lichtenstein, receiving a five-year prison sentence.

2)

Dubai Unveils Ambitious 17-Storey Crypto Tower for Web3 Innovation

Dubai is set to construct a 17-storey Crypto Tower in the Dubai Multi Commodities Centre (DMCC) region, offering 150,000 square feet of leasable space for blockchain, Web3, and AI-driven projects. The tower, which will include dedicated floors for blockchain incubators, a crypto club, gold bullion shop, and a secure vault storage area, is part of the UAE's effort to position itself as a global leader in blockchain and innovation, rivaling the US. The project is scheduled for completion in the first quarter of 2027 and is expected to attract a wide array of crypto and tech businesses to the city’s international business district.

• The Crypto Tower will feature dedicated spaces for blockchain incubators, a crypto club, a gold bullion shop, and a 5,000-square-foot vault, catering to diverse tech and fintech innovations.

• Scheduled for completion in early 2027, the project reinforces Dubai’s ambitions to become the world’s leading hub for blockchain, Web3, and AI technologies.

3)

Trump's Incoming Administration Set to Overhaul Crypto Policy

With President-elect Donald Trump’s inauguration just days away, his administration is poised to revamp the U.S. Securities and Exchange Commission's crypto policy and potentially pause enforcement actions, according to a Reuters report. Top Republican officials at the SEC, including commissioners Hester Peirce and Mark Uyeda, are already preparing changes as early as next week, aiming to clarify when cryptocurrencies are deemed securities and to review pending legal cases. Furthermore, SEC Chair Paul Adkins is expected to end the enforcement-led approach championed by former Chair Gary Gensler, who is stepping down on Trump's inauguration day.

• The SEC, under President-elect Trump, is set to initiate a “crypto overhaul” potentially pausing enforcement while revising rules on cryptocurrency classification.

• Preparations by top Republican officials and the departure of former Chair Gensler signal a significant shift in the digital asset sector ahead of Trump's second term.

Disclaimer:

The information provided in this newsletter is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.

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