While the crypto community witnessed a historic day thanks to Coinbase’s listing developments, the day also saw news of an old hack rear its head again. The incident in question, the 2016 Bitfinex hack, made headlined today after it was reported that hackers have started moving the stolen crypto funds for the first time since 30 November 2020. WhaleAlert revealed how 2016’s stolen Bitcoins were transferred to an unknown wallet.
— Whale Alert (@whale_alert) April 14, 2021
Hackers transferred 10,057 Bitcoins to an unknown wallet.
Whale Alert, a popular blockchain tracker, revealed how 2016’s stolen Bitcoins were transferred to an unknown wallet in a series of tweets. The coins were moved in batches, in a series of 63 transactions, within the span of an hour. In fact, a total of 10,057 Bitcoins, roughly worth around $623 million, were transferred in a series of transactions. Before Wednesday’s movement, over 5,000 Bitcoins were moved later last year. At the time, the world’s largest cryptocurrency was attempting to finally breach the $20,000-mark.
The hackers stole a total of 119,756 Bitcoins from Bitfinex in August 2016.
The hackers stole a total of 119,756 Bitcoins from Bitfinex in August 2016. Many in the crypto community commented on the latest development with Ryan Gorman, Co-founder of Trade the Chain, a real-time data service, affirming that the number of Bitcoins moved amounted to 10 percent of the total coins stolen from the 2016 hack. What’s more, some experts have asserted the fact that no near-term risk would be created with respect to Bitcoin’s price because of the movement. Adam Cochran, a partner at Cinneamhain Ventures, tweeted: “The 2016 Bitfinex hack BTC are some of the most tracked & blacklisted funds in the world. No exchange will process them. They can basically never be cashed out.”