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- iFinex plans a substantial $150 million share buyback, as reported by Bloomberg.
- The decision comes in the wake of the 2016 Bitfinex hack, during which around 71 million Bitcoin was stolen.
- As a remedial measure post-hack, affected users were compensated with company shares.
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.
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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.https://t.co/iGEOXfC4GO
— Wu Blockchain (@WuBlockchain) October 11, 2023
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.
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.
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.