Home » $100 million of stolen funds from Bitfinex on the move

$100 million of stolen funds from Bitfinex on the move

by Lisa Zheng
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Cryptocurrency exchanges have often been attacked by hackers wherein they steal millions of dollars’ worth of cryptocurrency from the various networks exploiting certain flaws in the system.

One such enormous heist that dates back to 2016 has refreshed in the memories of crypto watchers, as the Bitcoins stolen at that time are in circulation in the market right now. 

Reportedly attackers moved around $100 million worth of Bitcoins, which were stolen from the BitFinex exchange in 2016.

Bitcoins Stolen in 2016 BitFinex Theft Moved by Hackers

The 2016 BitFinex theft jolted the cryptocurrency industry as the exchange lost more than $72 million in the attack in August 2016, with the hackers stealing more than 120000 Bitcoins. The team of hackers responsible for the theft has now moved a massive number of BTCs in the market as the prices of the cryptocurrency are rallying towards its highest level.

The attackers made the move to capitulate the extreme bullish run of Bitcoin as it touches the $20,000 mark. Hackers moved around 5018.48 BTC tokens on November 30th.  The massive transactions can substantially impact the cryptocurrency markets.

Whale Alert reported that the $100 Million worth BTCs were moved in around fifteen separate transactions, hackers sending out approx, five hundred bitcoins in each transaction. Even though 4.1 percent of the coins of the 2016 theft have been moved, they are worth $100 Million considering the current BTC price.

 A similar movement was also reported in October 2020, when hackers moved around $39 Million worth of bitcoins stolen from the same attack. 

Whale Alert tweeted about the same noting that the Bitcoins were moved to unknown addresses in a series of transactions; the largest one was around 2000 BTC worth 38.8 Million USD.

As the BTC price is rallying, such a movement of an enormous number of Bitcoin tokens in the market can impact the exchanges. The market watchers are closely looking at the developments as the movement can lead to a subsequent market crash impacting the cryptocurrency investors. 

With the price of BTC rallying, the Bitcoin liquidity is healthy, thereby balancing the markets and diminishing the impact of such an attack. However, since the BitFinex theft was quite substantial and the hackers still have a large number of Bitcoins, they can move more Bitcoins, thereby leading to a short-term market correction.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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