When the Justice Department announced it seized billions in stolen cryptocurrency earlier this year, it seemed like great news for victims of a hack that drained around $70 million from customers’ accounts on the Bitfinex trading platform in 2016.
“It was the biggest relief of my life,” said Frankie Cavazos, who lost 15 bitcoins in the hack.
Over the course of the last six years, the value of the stolen crypto skyrocketed. At the time of the hack, a single bitcoin was worth less than a thousand dollars. Today it would be trading for around $20,000.
For Cavazos, getting his bitcoins back would be “a life-changing amount of money.”
But so far thousands of victims like him haven’t experienced the happy ending they were hoping for. Instead, they’re embroiled in a battle over who is the legal owner of all that stolen crypto.
On the day the news broke that the funds had been recovered, Bitfinex publicly asserted that the stolen bitcoins should be returned to the platform in a statement: “Bitfinex will work with the DOJ and follow appropriate legal processes to establish our rights to a return of the stolen bitcoin.”
That’s because the company believes it’s already made its customers whole by providing them with a variety of digital tokens that customers could sell in exchange for cash after the hack. A company spokesperson told CNBC that Bitfinex customers could have sold the tokens for cash and then used the cash to buy more bitcoins at the time.
The decision to offer customers tokens came after the company decided to generalize its losses across all account holders by 36%. That meant everyone who had a Bitfinex account lost 36% of their assets – not just users whose accounts were hacked.
The first token the company created was called a BFX token. Customers received one BFX token for each dollar they lost.
Bitfinex hack victim Frankie Cavazos
CNBC’s “Crocodile of Wall St” YouTube documentary
Cavazos told CNBC he felt like Bitfinex just “dumped” those tokens on its customers and said he was not given the option to decline the BFX token.
He and several other Bitfinex hack victims spoke exclusively to CNBC for the documentary “Crocodile of Wall Street,” which reports on the theft of the bitcoins and the alleged attempt to launder the stolen crypto.
One issue customers brought up to CNBC is that when they decided to sell their tokens they were actually worth pennies on the dollar.
“They pegged ’em to $1 per BFX token,” Cavazos said. “They put ’em on the open market and it went from $1 to, like, 20 cents, so they were essentially allowed to basically FOMO everyone out of their debt.”
Rafal Bielenia, who had 91 bitcoins on the platform said: “I sold those tokens as fast as possible immediately when they became available. And I was only able to get like 25% of their value.” He believes, “there was no point in time that they refunded me – not in dollar terms, and not in bitcoin terms.”
Bitfinex hack victim Rafal Bielenia.
CNBC’s “Crocodile of Wall Street” YouTube documentary
For customers who didn’t sell the tokens immediately, the company later gave BFX token holders a chance to convert their tokens into equity shares of iFinex, the corporate entity behind Bitfinex through other tokens the company created called RRT and LEO.
To put it simply, Bitfinex feels the customers have already been compensated fairly and if they chose to sell the tokens before their value reached a dollar, that was their choice to make. In a statement, the company told CNBC, “Upon receipt of the bitcoins recovered from the 2016 security breach, Bitfinex has pledged to use 80 percent of the proceeds to buy back and burn LEO tokens, after all RRTs are redeemed.”
Essentially, Bitfinex wants the bitcoins that were stolen in the 2016 hack returned to the company and it will give a portion of that back to some of their customers in cash, not in bitcoins.
But some of the hack victims still assert the bitcoins belong to them. And the idea that they could lose their bitcoins not once, but twice, seems impossible.
“Why would anybody question that I should get my money back? That was my property,” Bielenia said.
“I still am going to be trying to get ahold of these 15 bitcoins because I truly believe they are mine,” Cavazos said. “I can prove it through the blockchain explorers.”
Will Hogarth, who also had his crypto stolen in the Bitfinex hack, told CNBC, “I still expect my bitcoin back and I don’t see any reason why they would keep it.”
U.S. Deputy Attorney General Lisa Monaco told CNBC, “Victims, individuals and entities whose money, who claimed that’s their money, that they were victimized by this money laundering scheme will submit claims ultimately to a court who will decide how that money is dispersed.” However, no further details about that process have been released.
Booking photos for Heather Morgan and Ilya Lichtenstein.
Courtesy: Alexandria Adult Detention Center.
For now, the holdup seems to be that there has been no resolution in the court case involving the couple investigators say got caught holding the stolen cryptocurrency. Heather Morgan and Ilya Lichtenstein have been charged with conspiring to launder billions in bitcoin.
Morgan is an aspiring rapper who called herself “the Crocodile of Wall Street” and Lichtenstein a self-described “tech entrepreneur, explorer and part time magician.” The duo is facing more than two decades in prison if they’re found guilty. They have not yet entered a plea. CNBC reached out to Morgan and Lichtenstein to hear their side of the story, neither agreed to an interview. So far, no one has been charged with hacking Bitfinex in the first place.
As their case makes its way through the court system, a multibillion-dollar battle over what happens to the money is brewing.
“Ultimately, it’s going to be a dog fight as to who gets this money. Whether or not the government gets to keep it, whether or not Bitfinex gets to keep it, whether or not the customers get it back — anyone who tells you there’s a clear answer is lying for their own benefit,” said cryptocurrency attorney David Silver.
David Silver cryptocurrency attorney at Silver Miller
CNBC’s “Crocodile of Wall Street” YouTube documentary
With billions of dollars on the line, Silver expects “people are going to spend hundreds of millions of dollars to get their hands on that pot of gold.”
“I do think it’s going to be a fight,” Cavazos agreed,
“The end of this story — we don’t know yet,” he said. “But you can’t just simply walk away with a hack like this. There’s someone that’s going to be caught up in this that has to tell the truth and when that shoe drops, it’s going to be really interesting and it’s going to impact who gets the money.”
Jensen Huang, co-founder and chief executive officer of Nvidia, at the London Tech Week exposition in London, UK, on Monday, June 9, 2025.
Bloomberg | Bloomberg | Getty Images
Nvidia and OpenAI are in discussions about backing a major investment in Britain focused on boosting artificial intelligence infrastructure in the country.
The two tech firms are discussing a sizable deal to support data center development in the country which could ultimately be worth billions of dollars, a person familiar with the matter told CNBC, confirming earlier reporting from the Financial Times.
The companies are still working through various processes at the moment with Nvidia and cloud computing firm Nscale, said the person, who did not want to be named due to the sensitivity of the issue.
They added that an investment agreement has not yet been finalized. It is expected to be unveiled next week during U.S. President Donald Trump’s state visit to the U.K.
Nvidia and Nscale did did not immediately respond to CNBC’s request for comment. OpenAI declined to comment on the discussions.
Countries around the world have been courting major U.S. AI players in a bid to boost their own national infrastructure and technological ambitions.
The topic of so-called “sovereign” AI — the idea of onshoring the data processing infrastructure behind advanced artificial intelligence systems — has been top of mind for officials as governments look to reduce their dependency on foreign countries for critical technologies.
The U.K. government declined to comment when asked by CNBC about the investment discussions with OpenAI, Nvidia and Nscale. Nvidia CEO Jensen Huang is set to join Trump on his state visit to Britain next week.
Earlier this year, the Nvidia boss called the U.K. an “incredible place to invest” and said his multitrillion-dollar chipmaker would boost investment in the country. “The U.K. is in a Goldilocks circumstance,” Huang said at the time in a panel discussion with British Prime Minister Keir Starmer.
Apple AirPods Pro 3 models are displayed during Apple’s “Awe-Dropping” event at the Steve Jobs Theater on the Apple Park campus in Cupertino, California, on Sept. 9, 2025.
Nic Coury | AFP | Getty Images
For decades, shows like “Star Trek” and novels like “The Hitchhikers Guide to the Galaxy” have showcased fictional universal translators, capable of seamlessly converting any language into English and vice versa.
Now, those gadgets once limited to works of science fiction are inching close to reality.
During its iPhone unveiling event on Tuesday, Apple included a video of many travelers’ dream scenario. It showed an English-speaking tourist buying flowers in an unnamed Spanish-speaking country. The florist addressed the tourist in Spanish, but what the tourist heard was in clear, coherent English.
“Today all the red carnations are 50% off,” the tourist heard in English in her headphones, at essentially the same time that the clerk was speaking.
The video was marketing material for Apple’s latest AirPods Pro 3, but the feature is one of many of its kind coming from tech companies that also include Google parent Alphabet and Meta, which makes Facebook and Instagram.
Apple introduces live translation to airpods.
Courtesy: Apple
Technological advancements spurred by the arrival of OpenAI’s ChatGPT in late 2022 have ushered in an era of generative artificial intelligence. Almost three years later, those advancements are resulting in real-time language translators.
For Apple, Live Translation is a key selling point for the AirPods Pro 3, which the company unveiled on Tuesday. The new $250 earbuds go on sale next week, and with Live Translation, users will be able to immediately hear French, German, Portuguese and Spanish translated to English. Live Translation will also arrive as an update to AirPods 4 and AirPods Pro 2 on Monday.
And when two people are speaking to each other wearing AirPods, the conversation can be translated both ways simultaneously inside each user’s headphones. In Apple’s video demo, it looked like two people talking to each other in different languages.
Analysts are excited that the feature could mark a step forward for Apple’s AI strategy. The translation feature needs to be paired with a new-enough iPhone to run Apple Intelligence, Apple’s AI software suite.
“If we can actually use the AirPods for live translations, that’s a feature that would actually get people to upgrade,” DA Davidson analyst Gil Luria told CNBC on Wednesday.
Translation is emerging as a key battleground in the technology industry as AI gets good enough to translate languages as quickly as people speak.
But Apple is not alone.
Host Jimmy Fallon holds Pixel 10 Pro Fold mobile phone during the ‘Made by Google’ event, organised to introduce the latest additions to Google’s Pixel portfolio of devices, in Brooklyn, New York, U.S., August 20, 2025.
Brendan McDermid | Reuters
A crowded market
In the past year, Google and Meta have also released hardware products featuring real-time translation capabilities.
Google’s Pixel 10 phone has a capability that can translate what a speaker is saying to the listener’s language during phone calls. That feature, called Voice Translate is designed to also preserve the speaker’s voice inflections. Voice Translate will start showing up on people’s phones through a software update on Monday.
In Google’s live demo in August, Voice Translate was able to translate a sentence from entertainer Jimmy Fallon into Spanish, and it actually sounded like the comedian. Apple’s feature does not try to imitate the user’s voice.
Meanwhile, Meta in May announced that its Ray-Ban Meta glasses would be able to translate what a person is saying in another language using the device’s speakers, and the other party in the conversations would be able to see translated responses transcribed on the user’s phone.
Meta will hold its own product keynote on Wednesday, where the company is expected to announce the next generation of its smart glasses, which will feature a small display in one of the lenses, CNBC reported in August. It’s unclear if Meta will announce more translation features.
Meta employee Sara Nicholson poses with the Ray-Ban sunglasses at the Meta Connect annual event at the company’s headquarters in Menlo Park, California, U.S., September 24, 2024.
Manuel Orbegozo | Reuters
And OpenAI in June showcased an intelligent voice assistant mode for ChatGPT that has fluid translation built-in as one of many features. ChatGPT is integrated with Apple’s Siri, but not in voice mode. OpenAI is planning to release new hardware products with Apple’s former design guru Jony Ive in the coming years.
The rise of live translation could also reshape entire industries. Translators and interpreters are the number one type of job threatened by AI, and 98% of translators’ work activities overlap with what AI can do, a Microsoft Research study published in August found.
Purpose built translators
In the past several years, a number of purpose-built translation gadgets have entered the market, taking advantage of global high-speed cellular service and improving online translation services to produce puck-like devices or headphones with translation built-in for a couple hundred dollars.
“What I love about what Apple is doing is it really just illuminates the fact that how pressing of an issue this is,” said Joe Miller, U.S. general manager of Japan-based Pocketalk, which makes a $299 translation device that goes between two people conversing in different languages and translates their conversation in audio and text.
Given Apple’s massive scale and the fact that the Apple shipped about 18 million sets of wireless headphones in the first quarter alone, according to Canalys, the company’s entry into the market will expose a wider subset of customers to improvements translation tech has made in recent years.
Despite Apple’s entry into the market, makers of purpose-built devices say their focus on accuracy and knowledge of linguistics will provide better translations than what’s available for free with a new phone.
“We actually hired linguists,” said Aleksander Alski, head of U.S. and Canada for Poland-based Vasco Electronics, which is releasing translation headphones that can imitate the user’s voice, like Google’s feature. “We combined the AI with with human input, and thanks to that, we were able to secure much higher accuracy throughout all the languages we offer.”
There’s also home-field advantage. Vasco Electronics’ largest market is Europe, and Apple’s Live Translation isn’t available for EU users, Apple said on its website.
Some of the products being introduced by tech companies are less than universal, and are limited to a small number of languages for now. Apple’s feature is only available in 5 languages, versus Pocketalk’s 95.
Pocketalk’s Miller believes that the potential of the technology goes far beyond a tourist ordering a glass of wine in France. He says that it’s most powerful when its used in workplaces like schools and hospitals, which require privacy and security features that go beyond what Apple and Google provide.
“This isn’t about luxury tourism and travel,” Miller said. “This is about the intersection of language and friction, when a discussion needs to be had.”
The Microsoft Teams app on a laptop arranged in New York, US, on Tuesday, June 25, 2024.
Gabby Jones | Bloomberg | Getty Images
The European Union on Friday said it has accepted commitments from Microsoft to unbundle its Teams workplace communication platform from its popular productivity apps.
The decision essentially exempts Microsoft from receiving a potentially hefty antitrust fine after the company was last year accused by the European Commission — the executive body of the EU — of breaching competition rules with the “abusive” bundling of its Teams and Office products.
“With today’s decision, we make binding for seven years or more Microsoft’s commitments to put an end to its tying practices that may be preventing rivals from effectively competing with Teams,” Teresa Ribera, executive vice-president for clean, just and competitive transition, said in a statement.
Under the commitments, which Microsoft first unveiled in May, the U.S. software giant will make versions of its Office 365 and Microsoft 365 software suites available at a reduced price without Teams, as well as allow customers with long-term licenses to switch to suites without Teams.
The company will also provide interoperability between tools that compete with Teams and certain Microsoft products and allow clients to move data out of Teams to competing products.
Microsoft has subsequentlyalso offered to make further commitments to resolve its competition concerns after the European Commission market-tested the firm’s initial pledges.
They included increasing the price difference between some Microsoft 365 and Office 365 suites without Teams and those with Teams by 50% and clarifying that Microsoft websites advertising a suite with Teams should display the corresponding offer without it.
“We appreciate the dialogue with the Commission that led to this agreement, and we turn now to implementing these new obligations promptly and fully,” Nanna-Louise Linde, vice president of European government affairs, said in a statement Friday.
The EU first opened an antitrust investigation into Microsoft in July 2023 following a complaint by Salesforce-owned Slack, which has a rival chat service to Teams. Slack was acquired by Salesforce for $27.7 billion in 2021.
Slack was not immediately available for comment when contacted by CNBC.