Israeli Brothers Caught in Bitfinex Crypto Exchange Hack Worth Tens of Millions of Dollars

  • Two Israeli brothers have been arrested by the Police
  • They have been apparently involved in different hacks and illegal crypto schemes

Two Israeli brothers were arrested for being allegedly connected to the hack that the cryptocurrency exchange Bitfinex experienced some time ago. At the same time, they seem to be involved in other crypto-related phishing attacks. This is according to a recent report released by Finance Magnates.

Alleged Hackers Arrested By Israeli Police

Two brothers from Jerusalem were arrested by the cybersecurity unit of the Israeli police. The Israeli news outlet Ynet explained that they have managed to steal $100 million in funds from other individuals and investors. However, Finance Magnates talked with the local police that explained that the sum is close to that number but less than what Ynet reported.

The individuals involved are Eli Gigi and Assaf Gigi that have been involved in stealing Bitcoin and other digital assets by setting up fake crypto sites and mimicking large crypto exchanges and wallets. In this way, users that didn’t notice that the website was not the original exchange. They have also been publishing the links of these sites on different Telegram groups and other forums related to virtual currencies.

Once a user was able to enter the site and provide their credentials, they were immediately taking this data and using it to steal funds from the original crypto exchange. The attackers were then moving the funds to their own wallets. Although this was the main practice that the attackers used, they have been using other schemes to steal money.

Apparently, the brothers are also connected to the hack that the Bitfinex exchange experienced back in 2016, when several users were affected. In general, the users that lost their funds were mostly from the European Union and the United States. Currently, there is no information regarding attackers from other countries involved in this attack.

The police have also managed to get a crypto wallet from Eli Gigi’s house. The amount that the wallet had was “significantly lower” than the total suspected embezzlement. Other goods that were found included luxury cards.

A few days ago, a Firefox zero-day security flaw was used in attacks against the large and recognized cryptocurrency exchange Coinbase. Exchanges are usually targeted by criminals that want to steal money from users. Binance, for example, the largest crypto exchange in terms of trading volume, lost more than 7,000 BTC a few months ago.

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