Although Coinbase’s listing developments provided a landmark day for the crypto industry, the day also saw news of an old hack resurface. The 2016 Bitfinex hack made headlines today after it was revealed that hackers have begun transferring stolen cryptocurrency funds for the first time since November 30, 2020. WhaleAlert disclosed how stolen Bitcoins from 2016 were moved to an undisclosed wallet.
Hackers sent 10,057 Bitcoins to an unidentified wallet
In a series of tweets, Whale Alert, a common blockchain tracker, revealed how stolen Bitcoins from 2016 were transferred to an unknown wallet. Within an hour, the coins were transported in batches, in a sequence of 63 transactions. In reality, a total of 10,057 Bitcoins were exchanged in a series of transactions, worth roughly $623 million. Over 5,000 Bitcoins were relocated later last year before Wednesday’s movement. At the time, the world’s largest cryptocurrency was attempting to break through the $20,000 barrier for the first time.
In August 2016, hackers stole a total of 119,756 Bitcoins from Bitfinex. Many in the crypto community reacted to the news, with Ryan Gorman, Co-founder of Trade the Chain, a real-time data service, claiming that the number of Bitcoins transferred accounted for 10% of the total coins stolen in the 2016 hack. Furthermore, some experts have stated that the movement will not create any near-term risk for Bitcoin’s price. Cinneamhain Ventures partner Adam Cochran 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.”