BITCOIN BITFINEX HACK FUND IN MOTION IN 2016: DO HACKERS SELL?

BITCOIN BITFINEX HACK FUND IN MOTION IN 2016: DO HACKERS SELL?


  • unknown address, reported transaction tracker Whale Alert.
  • This money transfer has raised speculation by hackers selling some of their 120,000 bitcoins stolen after the recent rise in cryptocurrency prices.
  • Hackers have last moved a portion of the amount appropriate in June 2019, when the bitcoin was at the top of 63% of YTD returns.

The BitFinex crypto exchange lost nearly 120,000 BTC   following a hacking incident in August 2016. At the time, the cost of a bitcoin was only around $ 600, or around 72 millions of dollars. But based on current BTC / USD exchange rates , the BitFinex flight has climbed to almost $ 1.07 billion.

So for the pirates behind the massive theft, it seems like the right time to sell the stolen funds. And they seem to have made the strange call.

The popular transaction tracker Whale Alert alarmed via a tweet posted on Friday morning that BitFinex hackers have moved around 23.39 BTC to an unknown wallet. Meanwhile, the transaction ID has shown that hackers have sent around 30 BTCs , which equates to around $ 271,559 at current rates.

Source: Whale Alert

The amount is too small to shake Bitcoin's bullish bias  . But that hasn't deterred the cryptocurrency community from predicting an apocalyptic scenario. Many feared that the pirates would move their funds to empty them for fiat currencies. And since they are Bitcoin whales now, their likelihood of offloading more from their flights for cash is high for some.

"If bitcoin doesn't break below 4k in 1 month, I will delete my twitter," said one respondent.

BEAT MONITORING

But selling a bitcoin theft is not easy like spending a bunch of stolen money. Hackers can hide and their crypto-transfers with gibberish alphanumeric codes. But they still leave behind a trace of transactions. It is possible to capture criminals if researchers identify one person in the overall cash flow, exposing the rest.

Blockchain analytics firm Chainalysis followed a similar strategy to eliminate a child porn site racket in October 2019. The company analyzed blockchain transactions associated with criminals to map contributors, users, and operators of the site. Underground web.

"Following the funds on a blockchain, it finally revealed the gravity of Welcome to Video," said the authority.

This leaves hackers only one option: use over-the-counter clandestine markets to sell their bitcoin thefts for cash. But if someone unknowingly purchases this bitcoin and puts it in a publicly verifiable address, they can also expose hackers to further discovery.

MOVING BITCOIN AT LOCAL PRICES

The latest BitFinex money transfer also revealed the new features of its hackers. They seem to be transferring their flight after the bitcoin price hike .

On 7 June last year, for example, criminals have   transferred about 185 BTC   to unknown addresses while the Bitcoin had to report 63% gains over a cumulative period from the beginning of the year. A similar incident occurred just after bitcoin extended its YTD rally to $ 14,000.

The pattern was revealed on May 22, 2020, when bitcoin was trading 25% more year-over-year.

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