Millions of dollars in Bitcoin stolen in attack on Bitfinex in 2016 are being moved

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Posted on: July 29, 2020 9:38 pm EDT

$1.3 billion was lifted by hackers from the exchange and some of it has changed addresses

Forgetting the massive hack in which 19,756 Bitcoin (BTC) were stolen from the cryptocurrency exchange Bitfinex is not easy, especially when most of those funds have been on hold since then.
The perpetrators of the hack have transferred just $38.7 million out of the $1.3 billion that those stolen Bitcoins are worth nowadays. The reasons are not yet understood; however, it seems like holding on to the funds for a few years has paid off, as the amount stolen was worth only $72 million at the time of the theft.

Now, according to a series of tweets posted by Whale Alert over the past couple of days, new activity has been detected coming from these addresses – those crypto addresses were linked to this breach that has been the largest one ever recorded by a crypto exchange. At least 3503 BTC – roughly $38.7 million – were moved in several transactions. Among all 12 transactions reported, the largest move was for 476.32 BTC – or approximately $5.2 million – and the smallest one was for 2.612703 BTC – or $28,849. These transactions, along with all the rest that have been made since the hack, count for only 1-2% of the total funds stolen back in August 2016.

Some people in the community are concerned that this massive amount of digital tokens might get thrown on the market all at once; however, BTC’s price seems to be more stable now since not even 50 BTC in old addresses associated with Satoshi Nakamoto that were moved in May affected the price. The lack of movement of the funds some believe that it has to do with the stricter regulations that might be making it harder for cybercriminals to launder those digital assets.