Crypto-Follow logo Crypto-Follow logo
Cryptoknowmics 2022-02-01 12:30:52

2016 Bitfinex Hack With $2.5B in Stolen Bitcoins, Rises Again

According to blockchain analytics bot Whale Alerts, a portion of the dormant Bitcoins (BTC) stolen in the 2016 Bitfinex exchange breach has migrated from the hacker’s accounts to an unknown wallet on Tuesday. The stolen Bitcoins were used in 20 transactions, which were highlighted. A total of 64,641.29 BTC was exchanged, valued at about $2.5 billion at the time of writing. More than half of the total amount obtained by the hackers, which is estimated to be over 120,000 BTC, has been recovered. The largest transaction discovered was over 10,000 BTC, valued at over $383 million, while others were as small as 0.29 BTC. The wallet address that got the blacklisted BTC now has a total balance of 94,643.29 BTC, or almost $3.6 billion. This Movement Might Be To Scare Investors Into Selling Their BTC While it’s impossible to say why the hackers are shifting the Bitcoins, some speculate that it’s to scare investors into selling their Bitcoins. When hackers transferred 10,000 of their stolen BTC in 2021, Twitter user Alistair Milne speculated that the hackers were moving the Bitcoins to cause market panic while holding short positions because they couldn’t cash out. According to the user, the hackers cannot sell, but they can move the coins to “manipulate the market.” With the assistance of US authorities, some of the stolen BTC was returned to the exchange in 2019. In the same year, police in Israel made hack-related arrests after track...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer