Stolen funds from the 2016 Bitfinex hack were moved for the first time in five years, just as Coinbase was listed on the Nasdaq.
What happened: Market participants were upset about the large amounts of Bitcoin that were going on, which probably contributed to the brief drop in the price of the cryptocurrency after the Coinbase listing.
WTF! $ 7.5 billion stolen # Bitcoin from the Bitfinex Hack of 2016 was moved for the first time in 5 years. pic.twitter.com/WJJ3smY8dc
– Whale (@CryptoWhale) 14 April 2021
“This is not the first time the whale has moved during a market rally to cause panic and likely cash in a short time,” said Adam Cochran, a partner at Cinneamhain Ventures on Twitter.
Why it matters: The stolen funds were monitored and blacklisted, which means that even if the hooker moves the funds between the wallet addresses, he cannot pay them out for any money.
In 2016, hackers stole nearly 120,000 bitcoins, which would amount to $ 7.5 billion at current prices.
Last year, Bitfinex offered a reward of up to $ 400 million for returning stolen Bitcoin, even to the hackers themselves if they returned it.
Those who bring Bitfinex into contact with the hacker receive 5% of the total property recovered (or equivalent funds or assets at current market values), and the hackers receive 25% of the total property recovered (or equivalent funds or assets at current market values), ”said the exchange of cryptocurrency in a statement.
Price action: Bitcoin recovered yesterday from its drop to $ 61,554, while trading above $ 63,502 at the time of writing.
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