Holding company iFinex, which owns cryptocurrency exchange Bitfinex, has announced its plans to buy back shares worth $150 million. The move confirms iFinex's intention to restore confidence in Bitfinex after the exchange was hacked in 2016.
iFinex said it is willing to buy as many shares as are available until the maximum amount is reached. However, the statement said that a number of directors of iFinex and its subsidiaries will be allowed to participate in the buyback.
In 2016, a hacking attack on Bitfinex resulted in the theft of approximately 71 million Bitcoins from the cryptocurrency exchange, which is currently valued at $3.3 billion.
According to details published by Bloomberg, in an effort to appease affected Bitfinex users and deal with the financial "breach," iFinex offered exchange clients shares in the company equivalent to their lost funds instead of monetary compensation.
And now, seven years later, iFinex is preparing to buy back some of the shares of affected Bitfinex users, indicating a desire to protect victims of the 2016 hack and gain more control over the company's transactions.
iFinex did not disclose the details of the share buyback.
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