The 2016 Bitfinex Hack Comes Back to Life as Someone Just Moved $5 Million in BTC

It was back in 2016 when there was a large amount of Bitcoin (BTC) stolen from one of the major BTC exchanges ‘Bitfinex’. As per reports, the cyber-criminals were able to steal-away a total of 119,756 Bitcoin (BTC).

Since then, these stolen Bitcoin (BTC) have continued to be circulated between wallets over the course of years. The most recent circulation that was just observed by the crypto-data analyzing firms is the one that took place last Monday.

The blockchain data has recently released some data around the BTC that were stolen back in 2016. The blockchain data shows that some 270.97974 Bitcoin (BTC) were just moved by an unknown crypto user. The blockchain data has identified the wallet associated with the move to be the one that was used for the hack.

In the present time, the 270.97974 Bitcoin (BTC) translates to be around $5.2 Million. The blockchain data has also revealed the address that was associated with the hack. The address showed by the blockchain data is ‘1GytseWXyzGpmHkcv9uDzkU9D8pLaGyR5x’.

The above address provided by the blockchain data now shows a very small amount of BTC left in the wallet. As per the data, there are now only 0.001 BTC remaining in the address that has been identified as the one involved in the hack.

The blockchain data also revealed the address of the wallet where the funds have been transferred to. The address for the receiving wallet appears to be ‘3MyXrfSg7JFXLa7bD6YF1GnomEr8EXYRnx’, which only seems to be showing the amount that has been transferred to it.

The hackers who carried out the theft on the Bitfinex crypto-exchange back in 2016 have appeared to be very cautious. As per reports, the hackers have appeared to have moved only 1%-2% of the total BTC from one wallet to another. This movement of funds has been observed by the crypto-data analyzing firms over the course of four years.

As per the analysts and observers, the hackers adopted the HODLing strategy to carry out the hack. Many commentators have commented that this strategy seems to have worked for the hackers. When the hack took place, the sum of the Bitcoin (BTC) that were stolen translated to be around $72 Million.

However, in the present times, due to the high surge and bullish nature of Bitcoin (BTC), the amount has grown significantly. Now, the total of 119,756 translates to be around $2.3 Billion.

It was reported back in June that the hackers had transferred around 736 BTC to Hydra that is known as a Russian darknet marketplace. It was later reported that some BTC from the 736 BTC move had ended up in the Bitfinex crypto-exchange.

Since then, there have been many transfers that have taken place involving thousands of Bitcoin (BTC) per move.

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