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The BTC Stolen From Bitfinex Has Been Moved

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After 3 years of lying dormant in a long forgotten wallet, the stolen Bitcoins (BTC) have been seen moving on the Blockchain.

In a series of transactions that started on 06:00 Friday, about 172.54 BTC or an equivalent of $1.37 million was transferred from a wallet that used to harbor the funds that was stolen from the hack on Bitfinex in 2016. The highly publicized theft cost the crypto exchange about $60 million, and it remains unsolved till date.

Whale_Alert, a Twitter handle brought attention to the series of transfer from the dormant wallet this morning. The transaction did not stop all through the day, it finally ended with a transaction of $137,514 at 19:47 UTC.

Hard Fork suggested that the covert move was linked to the Leo token which is owned by Bitfinex, the token allows for an anonymous pay back of stolen funds. Spokesperson of Bitfinex, Anneka Dew vehemently denied that the crypto exchange had anything to do with the transfers.

“We are not involved, and the movement is not tied to the procedure outlined in the UNUS SED LEO white paper,” she said.


Due to the anonymous nature of BTC wallets, these covert transfers are the only indication of the hackers activities after the heist.

Blockchain sleuths can use these activities for forensic analysis but in most cases, it still leads to the money been laundered and traces of it are lost forever.

The Bitfinex heist was the most significant loss of BTC by a crypto exchange since the hack on Mt. Gox in the first quarter of 2014. The amount lost was in the region of $350 million. In February of 2019, United States law enforcement recovered 27.66270285 BTC that had been stolen from Bitfinex.

Source: https://www.coindesk.com/stolen-bitfinex-btc-is-on-the-move

About the author

Jo Arazi

Jo Arazi

Jo is a seasoned writer and analyst of the cryptocurrency market with several years of experience writing for various blogs and websites worldwide. He has worked with several crypto startups and is a supporter of credible crypto projects worldwide.

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