Bitcoin steals from Bitfinex Hack moved for the first time in five years

The Bitfinex hack was one of the most popular hacks when it happened. At that time, bitcoin was still in its very early stages and was still years later from the Mt Gox shutdown. When the hack happened, the attackers were successfully created with 119,756 BTC. They were slowly moving out of the stash over time, but recently the biggest move by the hackers came when they moved to $ 3.8 billion worth of bitcoin.

Hackers Move 10,000 BTC

The Bitfinex hackers have moved 10,000 BTC from a stash that has been there since 2016. There have been previous BTC moves from the wallets, but this qualifies as the highest in terms of dollar value leaving the account.

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This movement was reported by Whale Alert, a bot that tracks transactions on the blockchain and reports when large transactions are delayed. The total value of the bitcoin that the Bitfinex attackers came out to be is almost $ 4 billion.

As for the rest of the stash, the bitcoins still remain in the wallet that they were transferred to the hack. Although the wallet is essentially ‘tagged’, there have been new developments in space that can essentially help the hackers ‘clean’ the sets of BTC and can spend it without worrying about it.

Recently, hackers have used platforms like Tornado Cash to get rid of the ‘dirty’ cryptocurrencies they steal from crypto projects. It is unclear where the Bitfinex hackers send the BTC, as it is still an unknown wallet.

BTC Price Ready To Tank?

The price of Bitcoin has done exponentially well compared to where it was in 2016. At the time of the Bitfinex hack, the price of BTC was still trading below $ 300. Now a single bitcoin is trading at $ 38,000, which greatly increases the value of stealing bitcoin.

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The price of the digital asset that has peaked at $ 69,000 helped boost the value of the BTC. However, the hackers continue to hold most of the bitcoin in the stock market, possibly unable to steal it.

Bitcoin price chart from TradingView.com

BTC trending at mid-$38,000 | Source: BTCUSD on TradingView.com

It is expected that if the attackers are able to dump all their bitcoin on the market, then it could negatively affect the direction of the crypto-currency in terms of price. With the Mt Gox compensations emerging and decisions of the Fed, BTC and the Crypto market can work together for further downfall. But for now, the price of bitcoin keeps at $ 38,300.

Featured image from Daily Advent, chart from TradingView.com


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