2016 Bitfinex Hack: Over $750M worth of Bitcoins on The Move

Blockchain tracker and analytics service Whale Alert has reported that some BTC involved in the 2016 Bitfinex hack is now on the move. As per the report, the total worth of BTC moved is more than $750 million.

On August 2, 2016, hackers stole nearly 119,756 BTC from Bitfinex, which is worth about $7.5 billion based on the current rates. Following the Bitfinex hack, Bitcoin price plummeted by 22% with many traders incurring huge losses. However, the firm managed to repay the affected users using another token.

Whale Alert disclosed via a tweet that large amounts of the stolen BTC are now being moved for the first time in five years. The report reveals that about 11,799 BTC, which equates to about 10% of the stolen Bitcoins, were shifted in 30 transactions.

Hackers from Bitfinex Hack Move to Induce Fear

This is coming after Bitcoin broke above $64,000 for the first time on April 14, reaching an all-time high of $64,863. Analysts believe that the hackers could be looking to make some profits due to the explosive growth of Bitcoin in those five years.

The move also happens to almost coincide with Coinbase’s listing on Nasdaq. Experts believe the move by the hackers could be a cheap trick to drive fear into the market, hence spurring sellers into action. However, analysts have not predicted an immediate effect on Bitcoin’s price.

It may be difficult for the hackers to cash out because most exchanges would have taken actions to prevent that. Also, this could be difficult because the Bitcoins have now become tainted.

Since the hack, Bitfinex has been involved in some other controversies. However, the exchange added live chat customer support to its trading platform. The customer support will be available starting from Monday through Friday between 11:00 am UTC and 15:00 UTC.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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