$39 Million BTC Embezzled From the Bitfinex Hack of 2016 Is Now Being Moved

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Bitfinex-hacker

The massive amount of Bitcoins stolen from the prominent crypto firm, Bitfinex, four years ago, has started to move once again as per Whale Alert. The hackers managed to embezzle a specific amount of 119,758 BTCs valued to about $72 million back then. However, converting that to the current BTC price, the total stolen cryptos are now worth over $1.3 billion.

Whale alert documented the moving within a series of tweets spanning from July 27th to 28th. The perpetrators have reportedly moved a portion of the stolen BTCs to an unspecified wallet address within over 12 separate transactions. The most significant movement was recorded to be 476.32 BTC ($5.2 million), while the lowest was only 2.612703 BTC ($28,849). According to the tweets made by Whale Alert, an estimated value of $39 million was moved by the hackers.

This isn’t the first time the party responsible for the Bitfinex 2016 Hack moved their illicit hauling this 2020. Back in May, Whale Alert has also managed to track a 28.3 BTC ($330,000) movement that originated from a wallet confirmed to be associated with the Bitfinex hack to an unknown one. Then just this last month, the hackers moved another $4 million in BTC to yet another unspecified wallet. Although there may now be several instances wherein the hacker moved their embezzled cryptos, this latest movement has the most substantial value.

Notably, the perpetrators moved the stolen funds in simultaneous to the significant price surge of Bitcoin. Experts see this move as the hackers trying to use the event to mask their presence or perhaps trying to capitalize on the current high price value of the crypto.

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