- More Bitcoin from the Bitfinex hack of 2016 has been moved
- This is the third time that Bitfinex hack Bitcoin has been moved this year
- Possible that hackers are finally cashing out
Bitcoin stolen as part of the 2016 Bitfinex hack is on the move again, this time with ₿77 sent out of the hackers’ wallet. The move represents the third time this year that Bitfinex hack funds have changed hands, allied to more that were moved last year, suggesting that the hackers are cashing out after four years of holding.
⚠ 77.644901 #BTC (796,638 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet
— Whale Alert (@whale_alert) June 2, 2020
Bitfinex Hack Saw ₿119,756 Stolen in 2016
The Bitfinex hack took place in August 2016 and saw ₿119,756 stolen from the exchange, worth over $72 million at the time. It was the second biggest crypto hack after Mt. Gox in 2014, and resulted in the Bitcoin price sliding by 16% on the back of the news. Bitfinex levied a 36% loss across all users to compensate for the loss, also issuing affected clients a BFX token that could be redeemed by the exchange at a later time or for shares in iFinex, Bitfinex’s parent company.
The stolen coins didn’t move for three years after the hack, until June last year when around ₿170 was moved from the hackers’ wallet to another unknown one. This was followed shortly after by the arrest of two Israeli hackers in connection with the hack. Further moves of ₿185 and ₿30 have taken place this year, while ₿27 was recovered by US authorities in February last year.
Hackers Cashing Out $1.2 Billion?
The destination of these Bitfinex hack coins is unknown, but it is likely that they will end up at a Bitcoin mixing service before being cashed out, although with the remaining haul being worth some $1.2 billion it’s going to take some time to shift that without someone raising an eyebrow.
