On Wednesday morning (ET), approximately 2,034 BTC ($21.6 million) from the 2016 Bitfinex hack entered several unknown wallets. The Btcparser program captured this action, which was the first five transactions in four years, each with about 400 BTC.
On August 2, 2016, the popular digital currency exchange Bitfinex stolen 119,756 BTC, which is about 1.2 billion U.S. dollars worth of Bitcoin at today’s exchange rate. A few years ago, hackers were able to clear about 18% of what Gox stolen.
Most stolen bitcoins have been idle for less than four years, but in 2020, hackers have been transferring large amounts of coins in bulk. The last time news.Bitcoin.com reported on the Bitfinex hacking activity was at the end of July, when the person transferred about 2500 stolen bitcoins ($28 million) from the 2016 Bitfinex vulnerability.
When 2,500 coins moved in July, BTC exchanged $10,350 per coin. On October 7, 2020, another 2,034 coins were transferred from five different wallet locations. The coins moved on Wednesday were worth approximately $21.6 million, and five transactions were captured by the blockchain parser Btcparcer.com.
The first step was to transfer 389.94 BTC, and then another 400 BTC after 22 minutes. One minute later, the Bitfinex hacker sent 399.31 BTC to an unknown wallet. The last two transactions from Bitfinex hackers occurred within ten minutes after the third transmission.
When the funds were first stolen, the value of these hideouts was between $66 and $72 million based on the 2016 exchange rate. Unlike Mt Gox, Bitfinex survived losses and repaid customers by creating the first token backed by an exchange.
After the exchange, a transfer valued at $21.6 million was recently made, providing a bounty for those who helped catch Bitfinex hackers. In the first week of August 2020, Bitfinex offered a reward of $400 million to obtain information about malicious actors who attacked exchanges.
The news about Bitfinex hacking Bitcoin was also transferred to exchanges such as Binance, Gemini and Kraken following the recent massive outflow of BTC from Bitmex. On-chain data and analysis website Cryptoquant also showed an “abnormal outflow of funds from miners” on Wednesday afternoon.
Cryptoquant’s alert channel stated that “aggregated outflows from multiple miners” include a small mining business and a mining pool Btc.top. The transfer of 2034 BTC originating from the Bitfinex hacker attack in 2016 made the activities on the abnormal chain easier.
What do you think of the $21 million worth of Bitcoin generated from the 2016 Bitfinex hack on Wednesday? Tell us what you think in the comments section below.
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