Bitcoin worth $26 million from the 2016 Bitfinex hack on the move
Twitter-based data bot Whale Alert has reported more than $26 million in bitcoin tied to the 2016 hack of crypto exchange Bitfinex breach has been moved. Six of Wednesday’s transactions ranged between $4.1 million and $4.8 million in value, with one smaller transaction of about $12,000. The last time coins from the Bitfinex incident moved was July 2020.
Three out of six transactions of stolen funds from Bitfinex hack 2016 on June 7 | Source: Whale Alert
On August 2, 2016 the popular cryptocurrency exchange Bitfinex was hacked for approximately 119,756 BTC, which is worth a touch over $1 billion using today’s exchange rates. The breach crippled trader confidence that day, and the price per BTC slid 22% immediately after the event.
In the wake of those transactions in August, Bitfinex published a statement in which it pledged rewards to efforts leading to the recovery of the stolen funds:
“Bitfinex is offering a reward to any persons that connect us with hackers responsible for the unauthorized transfer of almost 120,000 bitcoins from the exchange in August 2016. As part of the same initiative, Bitfinex is also offering a reward to the hackers themselves for the return of the stolen property”.
“Those who put Bitfinex in contact with the hacker will receive 5% of the total property recovered (or equivalent funds or assets at current market values), and the hackers will receive 25% of the total property recovered (or equivalent funds or assets at current market values). Any payments made to those connecting Bitfinex with the hackers and the hackers themselves will be classified as costs of recovery of the stolen property”, the company’s blog added in August 2020.
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