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December 5, 2022
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More than 10,000 bitcoins stolen from Bitfinex in 2016 were handled for the first time

In 2016, Bitfinex was targeted by hackers who stole almost 120,000 bitcoins

Hundreds of millions of dollars worth of bitcoins that were stolen during a 2016 cryptocurrency Bitfinex invasion were moved for the first time.

Approximately 10,057 bitcoins ($ 633 million, £ 460 million) were moved to dozens of unknown digital wallets on Wednesday, with the biggest single transaction totaling about $ 78 million.

The mysterious move came just hours after Bitcoin reached a new historical record, with some analysts warning of market volatility if large sums are withdrawn.

The movement of funds was detected by the Whale Alert, a Twitter account that monitors major cryptocurrency transactions on Bitcoin’s public blockchain.

The Bitcoin blockchain acts as an online ledger that records each transaction and is publicly available for viewing by anyone.

Despite the transparency of the network, anyone who sends or receives the funds can remain anonymous if they take certain precautions.

This means that the cryptocurrency can be traced across the blockchain, but not necessarily traced to an individual or organization.

This made Bitcoin and other semi-anonymous cryptocurrencies a popular form of payment among cyber criminals and users of dark web markets.

The Bitfinex hack, which took place in August 2016, resulted in the loss of almost 120,000 bitcoins from customer accounts. At the time, it was worth $ 72 million, but after a huge price spike that saw Bitcoin’s price rise close to $ 65,000, the total stolen value is worth about $ 7.5 billion today.

The movement of funds on Wednesday was less than 10% of the total stolen, and Bitfinex continues to work with the police to try to track down the perpetrators.

“We continue to monitor the situation closely, along with global law enforcement agents,” Stuart Hoegner, general counsel for Bitfinex, told The Independent.

“As we recover these funds, they will be allocated in accordance with our contractual commitments.”

Source: Independent

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