Some of the idle bitcoin (BTC) stolen in the Bitfinex hack in 2016 were moved from hackers’ wallets to an unknown wallet on Tuesday, as discovered by blockchain analyst bot Whale Alerts.
20 transactions with stolen bitcoins have been observed. The amount of 64641.29 BTC has been transferred, which is approximately $2.5 billion at the time of writing. This is more than half of the total amount seized by hackers, which is estimated to be around 120,000 BTC.
The largest transaction discovered was about 10,000 BTC worth over $383 million, while the other transactions were only 0.29 BTC. The wallet address that the blacklisted BTC was sent to now contains a total of 94,643.29 BTC, or nearly $3.6 billion.
Although it is impossible to determine the exact purpose for which the hackers are transferring bitcoins, speculators believe that this was done to intimidate investors into selling their bitcoins.
Back in 2021, when hackers transferred 10,000 stolen BTC, Twitter user Alistair Milne suggested that since the hackers were unable to pay, they could move bitcoins to cause market panic by being short. According to the user, hackers cannot sell, but they can transfer coins to “manipulate the market.”
Related Topics: $1.5 Million Bitcoin Stolen Since 2016 Bitfinex Hack Changed Title
In 2019, a portion of the stolen BTC was returned to the exchange with the help of the US authorities. That same year, burglary-related arrests were made in Israel when police tracked down the movement of stolen money worth $1.5 million.
One year later, Bitfinex offered up to $400 million to anyone who provided information that could lead to the return of the stolen cryptocurrency. The amount will be treated as “refund costs” according to the exchange.