Hackers moved $100 million of Bitfinex’s stolen Bitcoin

Hackers responsible for 2016 Bitfinex attack have moved $100 million of the stolen bitcoin funds in a series of fourteen transactions.

By · Dec 2, 2020 . 5min read

Bitfinex’s stolen Bitcoin moves latest news

Hackers responsible for a 2016 Bitfinex theft moved over $100 million of Bitcoin after crypto prices approached an all-time high. The hackers accountable for this transfer stole a sum of 120,000 BTC from Bitfinex in August 2016. At that time, the British exchange squandered $72 million in the hack.

At around 2 pm ET on Nov. 30, the hackers moved 5018.48 BTC, i.e. $100 million of bitcoin (4.1% of the original theft) in a range of transactions. The value of those funds is approximately $100 million at Bitcoin’s prevailing price. The transfer took place with over fourteen transactions of less than 500 BTC each. This is in accordance with the data analytics website Whale Alert. It is not apparent where the funds were transferred; however, the movement was probably part of an effort to cash out the stolen coins.  

Bitfinex’s reward tactic didn’t contribute to retrieving Bitcoin.

Earlier we reported on how Bitfinex crypto exchange, announced that it would grant $400 million to recover about 120,000 bitcoins. Additionally, the exchange expressed to grant rewards to any person relating them to the hackers involved in the attack. Moreover, it was also compliant to reward hackers who stole the coins in case they deliver it. 

The movements come after more than two months since the current event occurred when hackers moved over $26 million in bitcoin. On Oct. 07, the hackers moved close to 2500 BTC in a comparable trend. Prior to that, the U.S. government obtained a small part of the stolen funds (28 BTC) in February 2019. However, the crypto stolen in the hack still hasn’t been retrieved.

The transfer of stolen funds may increase concerns of a market clash amongst investors. Providentially, Bitcoin’s liquidity has increased since last year, which lessens the result of the theft. Nevertheless, markets can anticipate buyers to assimilate this event immediately as well. Moreover, the hackers still retain a major portion of Bitcoin’s supply. If the stolen funds keep on transferring in large amounts, that could cause short-term amendments in Bitcoin’s price.

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