{"id":16997,"date":"2021-04-15T18:40:20","date_gmt":"2021-04-15T18:40:20","guid":{"rendered":"http:\/\/ci0280b3922000276c"},"modified":"2021-04-15T18:40:20","modified_gmt":"2021-04-15T18:40:20","slug":"623-million-in-stolen-bitcoin-from-2016-bitfinex-hack-has-been-moved","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/623-million-in-stolen-bitcoin-from-2016-bitfinex-hack-has-been-moved","title":{"rendered":"$623 Million In Stolen Bitcoin From 2016 Bitfinex Hack Has Been Moved"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>According to blockchain analysis service <a href=\"https:\/\/twitter.com\/whale_alert\" target=\"_blank\" rel=\"noopener\">Whale Alert<\/a>, 10,057 bitcoin (worth some $623 million at the time of this writing) that were stolen from cryptocurrency exchange Bitfinex in 2016 was transferred in a series of transactions yesterday.<\/p>\n<p>Whale Alert shared the transactions across more than 60 tweets within one hour, all with the note that it was seeing \u201cstolen funds transferred from Bitfinex hack to unknown wallet.\u201d<\/p>\n<p>The 2016 theft from Bitfinex totaled about $65 million worth of bitcoin at the time and <a href=\"https:\/\/bitcoinmagazine.com\/culture\/after-the-bitfinex-hack-here-s-why-bitstamp-is-sticking-with-bitgo-1470669567\">raised questions<\/a> about a contemporary decision to eliminate the cold storage aspect of its custody. The bitcoin associated with the theft have been transferred before, with 270 BTC <a href=\"https:\/\/whale-alert.io\/transaction\/bitcoin\/01528962490a332d8ec7431ef6d515fc875f2ede5827f87b603147564343ba59\" target=\"_blank\" rel=\"noopener\">being transferred<\/a> in November 2020, for instance. Due to the Bitcoin blockchain\u2019s public nature, bitcoin transactions like these are trackable and auditable.<\/p>\n<p>The timing of these most recent transactions appeared to some to be auspicious, as they came on the first day of Coinbase\u2019s momentous public listing. With most of the Bitcoin-adjacent attention on that, it\u2019s possible that the person transferring the Bitfinex bitcoin thought the moves would fly under the radar or create intentional market conditions.<\/p>\n<p>Adam Cochran, a financial analyst for Cinneamhain Ventures, noted that the transactions might have been intentionally timed to move the bitcoin market.<\/p>\n<p>\u201cThe 2016 Bitfinex hack BTC are some of the most tracked and blacklisted funds in the world,\u201d he <a href=\"https:\/\/twitter.com\/adamscochran\/status\/1382398992106074117?s=20\" target=\"_blank\" rel=\"noopener\">tweeted<\/a>. \u201cNo exchange will process them. They can basically never be cashed out. This isn\u2019t the first time that the whale has moved them during a market rally to cause panic and likely cash in a short.\u201d&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than 10,000 BTC stolen from cryptocurrency exchange Bitfinex in 2016 has been moved to a new address.<\/p>\n","protected":false},"author":2705,"featured_media":11371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[1961,2606],"class_list":{"0":"post-16997","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-bitfinex","9":"tag-hacks"},"author_data":{"id":2705,"name":"Peter Chawaga","nicename":"peter-chawaga","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/peterc-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/holders-are-not-at-risk-bitfinex-lawyer-responds-to-ny-attorney-general.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/16997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2705"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=16997"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/16997\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/11371"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=16997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=16997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=16997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}