$ 282K worth of bitcoin from the moving Bitfinex 2016 hack


The cryptocurrency community has noticed a number of bitcoins since August 2, 2016, the Bitfinex breach has been moved. A small transaction of 30 BTC ($ 282,000) from the cache went from the hacker’s address to an unknown bitcoin address. The last time coins from the Bitfinex incident were moved was in June and August 2019 because bitcoins hadn’t been transferred for three years.

On August 2, 2016, the popular cryptocurrency exchange Bitfinex was hacked for around 119,756 BTC, which is worth more than $ 1 billion using today’s exchange rates. The breach crippled operators’ confidence that day and the price of BTC slid 22% immediately after the event.

After the incident, the value of bitcoin made a modest comeback a week later, and Bitfinex promised customers that they would be reimbursed. These stolen coins have been moved to an address that anyone can track using a standard blockchain explorer. Bitcoins stayed for three years and did not move until June and August 2019. When a BTC transaction in August took place, the Whale Alert transaction tracking account informed the public on Twitter that about 300 BTC ( $ 2.7 million) had been moved in ten transactions. .

During the first week of June 2019, hackers also moved around 170 bitcoins worth more than $ 1.5 million using today’s exchange rates. At the time, BTC prices were much higher and were close to reaching $ 14,000 a piece. It is common for hackers to move digital assets when prices are higher than usual.

Wheelchair detectives and observers have also noticed this type of trend with Plustoken scammers. When bitcoin and ethereum prices are higher, Plustoken bandits begin to move coins to different wallets. No one knows if these stolen coins are traded on a well-known trading platform, but it is suspected that coins like these are more likely to be sold using an over-the-counter (OTC) office after being shuffled. .

Bitcoin worth $ 282K from the moving Bitfinex 2016 hack
30 bitcoins from 3CA1UDYQy47Z46HKCVqRV8b1XVduocWAcW were moved on May 21, 2020, at 19:41:16 UTC. At the time of publication, these 30,667 BTC were selling for $ 282,466.

On May 21, 2020, 30 pieces of the move from August 12, 2019 had still been transferred to another unknown address. At the time Bitfinex was breached in 2016, the BTC’s current exchange rate was around $ 600 per unit. The coins moved on Thursday saw about 30.66754180 BTC or $ 282,000 moved and at the time, they were worth only $ 18,000.

It is also common for hackers to move coins in small increments and they may not have been sold in the market. This type of method is noticed because the 30 pieces were moved on Thursday, resulting from the transfer of 300 BTC ($ 2.7 million) which was carried out in 10 separate transactions.

Blockchain watchdogs and law enforcement officials have reported these addresses and it becomes difficult to move a reserve of 119,756 BTC without being seen. Unless of course to divide the stolen bitcoins and possibly to mix UTXO using the Coinjoin process.

What do you think of the recent transfer of 30 bitcoins ($ 282,000) from the 2016 Bitfinex hack? Let us know what you think in the comments below.

Tags in this story

120,000 BTC, 2016, Bitcoin, BitFinex, Bitfinex Hack, Blockchain Explorer, BTC, Coinjoin Process, Cryptocurrency, Exchange, Exchange Hack, Exchange Rates, Hackers, OTC Office, Whale Alert

Image credits: Shutterstock, Pixabay, Wiki Commons


Please enter your comment!
Please enter your name here