Hackers moved the stolen funds elsewhere during the Bitfinex hack in 2016. Hackers had carried money before this, as we mentioned before. A blockchain forensics expert thinks hackers can transfer funds between KYC-free exchanges before shifting them to Huobi or Binance.
Hackers once again carried back Bitcoin funds stolen from the cryptocurrency exchange Bitfinex.
The famous transfer sharing account, Whale Alert, transferred 473.3 Bitcoin transactions worth $ 5,700,000 to its followers. The funds have been split into several wallets, but most of the funds i.e. 467 Bitcoins ($ 5.6 million) now reside in a single wallet.
In August 2016, hackers stole approximately 120,900 Bitcoins from Bitfinex. At today’s prices, this corresponds to approximately $ 1.4 billion of stolen funds. However, it was worth only $ 72 million back then. The hack, whose origin is still relatively uncertain, alone caused Bitcoin to drop by about 20% of its value, from about $ 600 to $ 400.
However, Bitcoin has also risen in value since then, and after all, more than four years have passed. It is possible that the hackers sold most of the stolen ones, but if the Bitcoin price rises and they earn cash with a higher profit, it is also possible that they can keep it.
Either way, it’s unlikely that hackers were carrying these funds for the first time. In June, they moved about $ 4 million worth of Bitcoin to unknown wallets. 28.3 Bitcoins (about $ 250,000) moved a month ago; It carried 300 Bitcoins (then $ 2.7 million) last August and 185 Bitcoins (then $ 2 million) last June.
So What Will Hackers Do With Money?
As Rich Sanders, CEO of blockchain forensics firm CipherBlade, describes, such attacks are called “chain jumping”, so hackers move funds so quickly on these exchanges; It takes a lot of resources for authorities to subpoena these accounts.
Sanders; “It makes sense to chain low-end exchanges because most of these exchanges don’t spend money on the types of services provided by cryptocurrency tracking firms such as CipherTrace and Chainalysis.” “Let go of a compliance officer or someone in charge,” he said. “So they had to be ‘outside’, how could we have known?” says.
Sanders continues: “Eventually, these funds are cashed in on major exchanges. Indeed, historically for this hack, “the two largest exchanges for final destinations are Binance and Huobi.”
Departure in June
WhaleAlert determined that the transfer of funds stolen from the Bitfinex attack in 2016 continued. According to reports, hackers moved large numbers of Bitcoins to unknown addresses on June 10.
Hackers transferred the money to 20 different addresses. (transactions were between 15 BTC and 33.3 BTC) Some of the recipient addresses also moved funds to other unknown addresses.
$ 5.1 Million Moved in 3 Weeks
This was the third money transfer carried by the hackers from the Bitfinex attack in the last 30 days. Last week, Whale Alert reported the transfer and 80.93 BTC was moved to two unknown wallets. ($ 794,852)
On May 21, 30.66 BTC ($ 301,134) was moved to unknown wallets by hackers. This means that the group that stole the funds transferred about $ 5.19 million in the past three weeks.
Bitfinex Loses 119,756 BTC ($ 66 million) in 2016 Attack
The crypto exchange Bitfinex lost an estimated 119,756 BTC due to a security breach on August 2, 2016. The hackers waited three years to mobilize the funds. Although the price of Bitcoin is around $ 600-630, the stolen coins are over $ 1.1 billion and the BTC price is currently $ 9,821.
Following the news of the attack, the bitcoin price dropped by 22%, but a week later the exchange promised to refund victims customers.
Launched in 2013, Bitfinex is one of the largest trading platforms in the industry.
Crypto Money Hackers Spread
According to the reports of cyber security firm CipherTrace, approximately $ 4.5 billion of cryptocurrency assets melted in 2019 due to hacking and fraud, and more than $ 1.5 billion was lost this year.
Fortunately, the cryptocurrency industry is maturing. Exchanges and cybersecurity companies are actively working to protect users and their funds, using rigorous Client-Information (KYC) requirements and advanced monitoring tools.