A recent update by whales Alert, trackers of large transactions, shows that the leftovers of 28.3 BTC (worth $260,000) from the $72 Million hack of crypto exchange Bitfinex four years ago, has been moved to an unknown wallet.
An approximately 120,000 Bitcoin was hacked from Bitfinex coffer in 2016, although the price of Bitcoin as at then was $600, and this made the fund worth about $72 million.
However, the present market price of Bitcoin makes the stolen fund worth over $1 billion. The assailants have been moving the Bitfinex funds in bits and nothing less than 185 Bitcoin was moved through six different transactions in June 2019, this was at the time when Bitcoin was worth over $10,000.
This development has however created a number of questions in the minds of crypto lovers and investors as they all await the next point of action. If the fund is moved into any exchange, there is a possibility it gets seized since exchanges like Binance, where most of the stolen funds are sold, are high on alert to place embargo on funds from illicit dealings.
4500 ETH Cryptopia Funds Stolen Within 6 Hours
Several attacks on exchanges have put crypto at the front in hacking. A similar hack was reported by NewsLogical in January this year where a fund of 4,500 ETH approximately $783,135 belonging to a New Zealand crypto exchange, Cryptopia, was carted away by unscrupulous elements.
The unknown hackers transferred the fund in bulk within six hours; the crypto exchange however recorded a loss of about $16 million. Interventions of liquidators within seven months were able to help the exchange recover about $11 million.
As attacks become rampant in the cryptocurrency industry, users are enjoined to be security conscious while exchanges put up state of the art security measures to avert crypto hacks.