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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Bitcoin Stolen From Bitfinex Hack Moved For The First Time In Five Years

Best Owie
Best Owie
Last Updated: June 11, 2024 8:53 am
2 mins read
Hacker Bitfinex

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The Bitfinex hack had been one of the most popular hacks when it occurred. At that point, bitcoin was still in its very early stages and was still reeling from the Mt Gox shutdown even years later. When the hack occurred, the attackers had made off with 119,756 BTC successfully. They had moved out of the stash gradually over time but recently, the biggest move from the hackers came when they moved $3.8 billion worth of bitcoin.

Hackers Move 10,000 BTC

The Bitfinex hackers have moved 10,000 BTC from a stash that has been there since 2016. There have been BTC moved from the wallets previously but this qualifies as the highest in terms of dollar value that have left the account.

Related Reading | Bitcoin Bears To Resume Assault? Why BTC Could Crash To $33K

This move was reported by Whale Alert, a bot that tracks transactions on the blockchain and reports when large transactions are triggered. The total value of the bitcoin that the Bitfinex attackers moved came out to be almost $4 billion.

As for the rest of the stash, the bitcoins still remain in the wallet that they were transferred to following the hack. Although the wallet is essentially ‘tagged’, there have been new developments in the space that could essentially help the hackers ‘clean’ the stolen BTC and be able to spend it without worrying about being traced.

Recently, hackers have been using platforms like Tornado Cash to get rid of the ‘dirty’ cryptocurrencies that they steal from crypto projects. It is unclear where the Bitfinex hackers are sending the BTC as it is still an unknown wallet.

BTC Price Ready To Tank?

Bitcoin’s price has done exponentially well compared to where it was in 2016. Around the time when the Bitfinex hack occurred, the price of BTC was still trading under $300. Now, a single bitcoin is trading at $38,000, greatly increasing the value of the stolen bitcoin.

Related Reading | Bitcoin On Its Way To $500,000? Anthony Scaramucci Explains How

The price of the digital asset which peaked at $69,000 has helped the value of the BTC. However, the hackers continue to hold most of the bitcoin in the wallet, presumably unable to spend it.

Bitcoin price chart from TradingView.com

BTC trending at mid-$38,000 | Source: BTCUSD on TradingView.com

It is expected that if the attackers are able to dump all of their bitcoin on the market, then it could adversely affect the direction of the cryptocurrency in terms of price. With the Mt Gox compensations coming up and decisions from the Fed, BTC and the crypto market could be gearing up for further downside. But for now, the price of bitcoin is holding up at $38,300.

Featured image from Daily Advent, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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