Bitcoins stolen from Bitfinex in 2016 valued at USD $2.5 billion are awakened – DiarioBitcoin

Texas could raise funds through NFT and harness 'abundant' energy to mine Bitcoin

Bitcoins stolen from Bitfinex in 2016 valued at USD $2.5 billion are awakened - DiarioBitcoin For Hannah Perez

More than 99% of the total bitcoins stolen from Bitfinex have already been moved, but for what purpose? Are the attackers looking to generate a sell-off scenario in the markets?


a fortune of bitcoin idlers that were stolen in a cryptocurrency exchange hacking attack Bitfinex in 2016, they are on the move for the first time.

The mysterious attackers behind the hack transferred a total of 64,643 bitcoin, currently valued at about $2.5 billion, to a wallet on Tuesday. The analytics twitter account blockchain, Whale Alert, detected the movements.

The funds were reportedly sent in 21 different transactions. The amount of each transaction ranged from less than one Bitcoin (BTC), up to 10,000 bitcoin ($385,000 USD). The data from Whale Alert indicate that only one unknown address received the treasure; that address currently holds 94,643 BTC, or about $3.6 billion.

The sum of Bitcoin in motion this week accounts for more than half of the total coins stolen from the exchange. In 2016, Bitfinex lost 119,756 bitcoin, at that time valued at just over $65 million, but today worth more than $4 billion, according to The Block.

Bitcoins stolen from Bitfinex move

While it is the first time in a long time that cryptocurrencies mined at Bitfinex they move, it is not the first time in the last six years that something like this has been detected. By the end of 2020, the hacker group had transferred nearly $26 million in Bitcoin.

With the transactions recorded this Tuesday, more than 99% of bitcoin stolen from the exchange have already moved, said a spokesman for Bitfinex to The Block, who added that only about 14 coins have remained intact since they were stolen from the platform six years ago.

See also  Bitfarms mega farm in Argentina is about to start mining Bitcoin

The company has been trying to recover the stolen funds. In 2019, police in the United States recovered and returned nearly 27 bitcoin to Bitfinex as part of a criminal operation. To date, about 50 have been recovered. bitcoin (worth nearly $2 million at current prices), the spokesperson said.

[El intercambio] continues to work globally with law enforcement agencies, digital token exchanges, and wallet providers to recover bitcoin stolen in the 2016 attack“, added to The Block.

Bitfinex it also offered a reward of up to $400 million a couple of years ago for anyone who could provide information that could lead to the recovery of cryptocurrencies. The exchange hack has been one of the largest crypto hacking incidents of all time, and is on the same record list as the one from Gox.

Hackers trying to manipulate the market?

The reason why cyber attackers have decided to move the fortune this Tuesday is unknown. Frequently, when large amounts of cryptocurrencies are moved it is with the intention of selling or exchanging them. However, hackers are unlikely to be able to sell the bitcoin on centralized platforms, because the attackers’ currencies and addresses are already identified.

Even if they wanted to, the market is not particularly favorable for selling right now. The price of Bitcoin it has plummeted almost 50% since hitting a high of around $70,000 in November; although it should be noted that, even after the fall, the value of the bitcoin Stolen has risen enough since 2016 to generate a profitable profit.

See also  Samsung will produce Bitcoin mining nanochips - DiarioBitcoin

In this regard, some observers in the crypto community have speculated that the move could be looking to panic traders into selling their bitcoin amid the price crash. The user of Twitter Alistair Milne he had already raised this hypothesis when hackers transferred coins in previous years. LHackers can’t sell, but they can move the coins to “manipulate the market”, he had highlighted in 2021.

The last time this happened, we sold hard“wrote another Twitter user in response to the latest moves, corroborating the possible sell-off scenario.

Recommended reading

Sources: Whale Alert, The Block, Cointelegraph

Article versioned by Hannah Estefanía Pérez / DailyBitcoin

Unsplash Image

WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

Leave a Comment

Your email address will not be published.