Bitcoin Worth $97M from 2016 Bitfinex Hack on the Move

Spread the love
  • A Bitfinex hacker is moving $97 million worth of Bitcoin.
  • Funds were moved in 14 different transfers.
  • The Bitfinex hack is now worth a staggering $2.3 billion.

In the latest round of fund distribution, about $97 million worth of Bitcoin (BTC) from the 2016 Bitfinex hack have been moved to new wallets.

The flurry of BTC disbursement from the Bitfinex hack loot occurred following the bitcoin price setting a new all-time high on some exchange platforms.

5045.8 BTC in Stolen Bitfinex Funds Moved as Bitcoin Spikes

According to transactions tracked by on-chain monitoring bot “Whale Alert,” entities in control of the wallets containing funds from the 2016 Bitfinex hack moved 5045.8 BTC to different wallets. The 14 transfers occurred between 7:01 and 7:05 PM UTC.

Based on the current bitcoin price, the total transferred sum amounts to almost $100 million. The least transferred amount was 261.24 BTC ($5 million) while the largest was 469.89 BTC ($9 million).

Back in August, Bitfinex offered a $400 million reward for the return of the remaining 119,755 BTC stolen during the hack. However, as previously reported by BeInCrypto, the hackers did not take Bitfinex up on their offer, choosing instead to move 467.67 to a new wallet a fortnight later.

RECOMMENDED READ:  XRP Price Movement Analysis for 22nd February 2021

The Nov. 30 fund movement comes on the heels of bitcoin reaching a new all-time high on some exchanges earlier in the day. At the time of the hack, the original theft amounted to $72 million. However, bitcoin’s parabolic price advance since then puts the value of the loot at a staggering $2.3 billion.

Bitfinex’s 2016 hack remains one of the largest in the industry along with Mt. Gox and the CoinCheck theft in 2018. Indeed, previous years did see numerous exchange hacks but significant improvements in security protocols have resulted in a noticeable decrease in crypto thefts from trading services.

Earlier in November, blockchain intelligence firm CipherTrace revealed that crypto crime was on the decline in 2020. In all, crypto thefts have crossed the $17 billion mark since 2011, with proceeds from major Ponzi schemes like PlusToken and OneCoin accounting for the majority of that sum.

 774 Interactions,  4 today

READ ALSO:
What you need to know about Bitcoin in relation to real estate

Over the past few years, the rise of Bitcoin and the blockchain industry as asset groups has attracted a great Read more

What Is the Difference Between Bitcoin Realized and Unrealized?

Understanding the distinction between actual and unrealised gains and losses is one of the most critical facets in investing in Read more

December BTC futures cross $73,500 , so has everybody been going insanely optimistic?

Bitcoin's three-month futures premium hit a new peak of 50%, indicating market inefficiencies. For over a month, Bitcoin (BTC) has Read more

Bitcoin on-chain results show no bull market peak at $60K, and trading interest is decreasing.

According to Bitcoin on-chain results, speculators and long-term investors have become more secure in higher prices as their trading activity Read more

A bitcoin mining corporation has opened a branch in Austin, following in the footsteps of Tesla.

Tech firms such as Oracle, Tesla, Hewlett Packard, and now Blockcap are relocating to Austin, prompting others to refer to Read more

Reddit reminisces about the now-defunct ‘Bitcoin faucet’ website that gave away 19,700 BTC for free.

It might seem unbelievable today, but in 2010, software developer Gavin Andresen set out on a quest to distribute free Read more

RECOMMENDED READ:  Analyst: BitMEX activating KYC is one of the “most bullish” events for Ethereum DeFi
Why retail Bitcoin traders should foresee a price increase

Big Bitcoin wallet inflows indicate a bullish pattern turnaround in the coming week. The price is currently about $60000; but, Read more

Why this researcher believes the ‘hyperbitcoinization’ is not far from reality

Despite minor corrections over the last week, the Bitcoin price has been rallying higher, with the king coin once again Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Here was the moment Bitcoin surpassed $61k for the first time in history

The Bitcoin ($BTC) price burst through $61,000 for the first time in four weeks at 05:00 UTC on Saturday (April Read more

Is there a ‘revolution’ in Bitcoin mining in the United States?

Bitcoin, the world's first blockchain, was created to address the flaws of the centralised financial structure. PayPal co-founder Peter Thiel, Read more

Leave a Reply

Contact Us