Bitcoin (BTC) from the 2016 BitFinex hack will be postponed!
In mid-2016, the well-known crypto exchange BitFinex was hacked. The perpetrators are still unknown and they still have 120,000 objects stolen in Bitcoin, some of which are transferred several times.
Hackers postpone Bitcoin
In August 2016, the Bitfinex cryptographic exchange was hacked, allowing the authors to earn 120,000 BTC. At the time, the price of BTC was around $ 600, or about $ 72 million. If you convert at the current exchange rate, those 120,000 BTC are worth almost $ 1.07 billion.
It now seems that the time has come for hackers to sell the stolen money.
Famous Twitter bot Whale Alert has reported that BitFinex hackers have moved around 23.39 BTC to an unknown wallet. In the meantime, a transaction ID shows that they have sent approximately 30 BTCs, or approximately $ 271,559 at the current rate.
⚠ 28.39124 #BTC ($ 255,863) of stolen funds transferred from Bitfinex Hack 2016 to an unknown wallet
– Whale alert (@whale_alert) May 21, 2020
However, this amount does not affect the price of Bitcoin. However, the crypto community is of course already talking about a massive crash. Many expect that hackers will sell their BTC soon. And since you count as a whale with this number of Bitcoin, a higher sale would certainly affect the price.
A response to Whale Alert’s tweet was:
“If Bitcoin doesn’t crash below 4k in a month, I will delete Twitter.”
Unloading so many stolen Bitcoin is not that simple. Hackers can try to send everything through a blender. Nevertheless, traces are left. It is possible to discover everything if only one person involved is discovered.
Blockchain analytics company Chainalysis followed a similar strategy in October 2019 to discover the operator of a child pornography site. The company analyzed blockchain transactions related to criminals, contributors, users and operators of the underground website.
The authority said:
“By following the funds in a blockchain, the gravity of Welcome to Video was finally revealed.”
Hackers have only one option: they must use underground OTC marketplaces to sell their Bitcoin. If someone unintentionally takes such Bitcoin and sends it to a public Bitcoin address, the hacker could also be tracked.
The recent BitFinex hackers’ money transfer also introduces new features. They seem to report their stolen goods after the price hike.
They sent around 185 BTCs to unknown addresses on June 7 of last year, when Bitcoin had made a profit of 63% over the same period. Something similar happened when Bitcoin started rallying near 14,000. This trend was also evident on May 22, 2020, when the BTC was traded 25% more than the year before.