Bitfinex Hackers Move $12M Worth of BTC On the Four Year Anniversary Of The Attack
Some of the 119,756 Bitcoins stolen from the Bitfinex hack in 2016 is on the move again according to updates from Whale Alert. The blockchain and analytics tracker whose focus is on large transactions noted that $12 million worth of the stolen BTC has been moved within the past six days. This comes barely a week since another 3,503 Bitcoins from the same wallet addresses were moved in around 12 transactions.
⚠ 5.59208 #BTC (62,983 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet
— Whale Alert (@whale_alert) August 3, 2020
Coincidentally, this movement comes exactly four years since the hack took place with speculations that the hackers have been having difficulties, especially when it comes to the FATF Travel Rule. Whale Alert detailed that $7 million of the stolen BTC was transferred on August 3 while the remaining $5 million had been moved on July 29. The exact number of Bitcoins transferred in the two transactions was 620 and 448 BTC, respectively.
Going by the total number of Bitcoins that were compromised, the recent movements are only a drop in the ocean. During the hack, Bitcoin prices were yet to rally significantly and the valuation of the stolen BTC was a mere $72 million. Today, this value has grown more than tenfold to stand at $1.3 billion as per the prevailing market stats. Basically, the hackers have only but moved less than 5% of the total funds that they stole back then.
While the crypto market appears to be thriving on volatility, its security in terms of supporting fundamentals further scales the risk that contributors have to accommodate. Recent hacks such as the $1.39 million funds compromised on the 2gether crypto trading platform have continued to expose these underlying shortcomings.
Another one that took place in July was the Cashaa crypto exchange cyberattack where the hackers got away with 336 BTC which was roughly $3.7 million as per the market stats on that day.