Hackers Have Moved Bitcoin Worth $4 million Stolen From Bitfinex in 2016

News / 11.06.2020

Part of the Bitcoin stolen by hackers from a hack against cryptocurrency exchange Bitfinex in 2016 has been moved. The hackers did not touch the funds worth millions of dollars for about four years.

The movement of the funds was noted by Whale Alert, a Twitter bot that tracks the movement of large trades. It was carried out in twenty transactions and the value of each transaction was between 18 and 33 Bitcoin. The transaction with the lowest value was worth $184,868 while the highest was worth $328,913.

The hackers used different wallets for the transactions, including wallets that had not been used before. They are yet to move the funds from the new wallets and perhaps are attempting to move the funds to evade detection for sales at a later time.

The hackers stole about 120,000 from Bitfinex in August 2016 which was worth $72 million then as the price of Bitcoin was only approximately $600. However, the incident prompted a 22 percent decline in the price of Bitcoin.

Since then, Bitcoin price has incurred massive increase such that the stolen Bitcoin is currently worth about $1.2 billion, representing 0.66 percent of Bitcoin’s aggregate market capitalization.

The hackers moved 28.3 Bitcoin (worth almost $260,000 then) last month. They moved 185 Bitcoin (worth about $2 million) in six transactions last June. Likewise, they moved 300 Bitcoin (worth about $2.7 million then) last August in ten transactions.

There is a likelihood that scammers will sell off their BTC in times of prosperity. Hence, the concern of traders is about possible dumping of the stolen Bitcoin on the market. If they sell the coins at once, it could provide surplus coins in the market thereby causing a decline in price.

Source: Cryptopress.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.