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You are here: Home / Archives for Bitcoin hack

Bitcoin hack

Whale Alert: $5.7 Million Worth BTC of Stolen Bitfinex Funds Transferred to Unknown Wallet

August 19, 2020 by Arnold Kirimi

Cyber attackers hacked Bitfinex cryptocurrency exchange in August 2016, and managed to steal Bitcoin 120,900. Back then, the digital treasure was worth roughly $72 million; however, with the appreciation in the value of BTC, the current market value of the stolen Bitfinex funds is approximately $1.4 billion.

To date, the orchestrators of the billion-dollar heist have never been identified. The hack alone triggered the price of Bitcoin to depreciate by a massive 20 percent, from about $600 to nearly $400.

⚠ 5.648296 #BTC (69,728 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/pKUEMSlBRC

— Whale Alert (@whale_alert) August 17, 2020

Once again, the hackers involved in the heist have moved the stolen Bitfinex funds. According to Whale Alert, the Bitfinex attackers have transferred 473.3 BTC, valued at $5.7 million in today’s market into an anonymous wallet. The Bitcoin was shared into various wallets, but the major stake, 467 BTC worth $5.6 million is now contained in a single wallet.

⚠ 467.67 #BTC (5,773,379 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/LbpA6XwMBS

— Whale Alert (@whale_alert) August 17, 2020

Following the attack, Bitfinex reduced the balances of all its clients by 36% and replaced them with BFX tokens. The tokens were redeemable for the shares of iFinex, the mother company of Bitfinex. Since the hack, the price of Bitcoin has increased by a massive percentage. Perhaps the hackers got rid of most of the stolen Bitfinex funds, or maybe they kept on waiting for a price hike to sell at a higher profit.

 

Stolen Bitfinex funds have been moved severally

In either case, this is not the first time a stolen bitcoin has been transferred to the attackers. Back in May, they moved a BTC of 28.3 worth $250,000. The following month, the hacker transferred BTC for $4 million to an anonymous wallet. Last year, the attackers moved the stolen Bitfinex fund on two occasions; in June, 185 BTC valued at $2 million then, and in August, 300 BTC valued at $2.7 million moved to unknown wallets. The two Bitfinex hacks are one of the most damaging bitcoin hacks and scams of all time. The two Bitfinex hacks are one of the most damaging Bitcoin hack and scam of all time. Generally, hackers move the fund to cash out further when there is a spike in the price of stolen coins.

Filed Under: Industry Tagged With: Bitcoin hack, Bitfinex, Crypto Whale

Bitcoin: Twitter Hack brings in Limelight; but was it Worthwhile or Disruptive?

July 18, 2020 by Utkarsh Gupta

More than 24 hours have passed since Twitter hack news broke the internet, but a random google search for “bitcoin news” would still give results for an article that’s more than a day old.

In honest opinion, the Bitcoin conundrum has created a massive stir across media platforms, and a lot of eyes and attention has been drawn to the world’s largest digital currency. Many websites have even begun to publish a Bitcoin Introductory article, a testament to the rate at which news spreads like wildfire.

But with the dust starting to settle, is Bitcoin Cryptocurrency currently in a better position in terms of popularity, or is it the situation the biggest crypt could have done without?

Bitcoin cryptocurrency took a minor hit; Price Wise

Let us discuss the most important things first; Bitcoin cryptocurrency’s valuation.

The Bitcoin scam/Twitter hack broke out towards the later hours of 15th July and took the internet by storm. Within hours, it was trending worldwide and every media publication under the sun was covering the issue. The price did not facilitate an immediate reaction but around 10 hours later, the impact was starting to surface in the charts.

BTC recovery

As illustrated above, Bitcoin cryptocurrency’s price is no stranger to massive pullback after an event tarnishing its image. A similar thing happened after the infamous hack as well with BTC crypto falling below support at $9149 and $9089 in 4 hours.

Since hitting a low at $9026, the largest asset did well for itself in terms of recovery as a quick return above $9089 was orchestrated. The asset continued to mediate below resistance at $9149 for the time being, but over the next 24-hours, the token should be able to sustain a position above the aforementioned range.

In short, major disaster averted?

Bitcoin cryptocurrency and world-wide coverage; Silver-Lining?

To understand the coverage received by the story and Bitcoin altogether, let us shed light on a minor comparison.

The average traffic received by cryptocurrency media outlets is usually under or just over 1 million hits per month, which varies every month, but it is never way-off than the one million range.

On the other hand, recent data suggested that BBC news averages a whopping 1.5 billion monthly page views every month. Now, BBC covers everything from politics to sports to entertainment, but that is still a huge number.

Conducting a “Bitcoin news” search, the first article that pops up is a BBC news article on Bitcoin. Without assuming that one article is going to change the ball-game for Bitcoin crypto, but if 1 percent of those people read that article, that is 15 million people reading about Bitcoin.

Adding in the traffic brought in my other media outlets, it is fair to speculate that north of 30 million people must have read about the Bitcoin hack if not more.

“Any publicity is good publicity”, is a fair idiom to use in favor of Bitcoin at the moment.

BTC’s credibility; Hit and Miss?

Now to some extent, Yes! Bitcoin’s image was sprung under the bad name of being a scam but it also allowed others to understand BTC’s traceability.

Data set from OKLink disclosed that the scam address had received 371 Bitcoin inflows, representing a total of 12.85 BTC. This sum has already been transferred and is expected to reach crypto-exchanges soon. Hence, the ease with which these transactions were tracked is certainly a nice color on Bitcoin, as its functionality continued to hold its core values of being a transparent form of transaction.

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Additionally, Jay Hao, CEO of OKEx suggested that to his surprise, the ratio of long/short did not decrease, but increased. Such a ratio can be used as a market sentiment indicator, with the present one underlining the bullishness among users of Bitcoin.

Twitter was hack; Bitcoin not so much

Now, if the melodramatics surrounding Bitcoin is taken out of the picture, the root of the issue was associated with Twitter. The social media platform‘s security levels should have received its set of scrutiny because Bitcoin was just the mere prize of the scam.

Some parts of the ecosystem also re-ignited that debate of Centralization vs De-Centralization, and rightly so. Twitter’s centralized medium causes over 30 million user accounts to suffer more information leak every year, highlighting the fact that a decentralized system incurs functionality in certain aspects.

Hence, the narrative of Bitcoin receiving the end of the stick seemed unfair by a majority of the BTC community.  Major industry players stated that the hack pointed to a fundamental issue with Twitter and other centralized systems, and made an argument for decentralized systems like Bitcoin.

Kristin Smith, Executive Director of Industry trade group Blockchain Association, stated,

“We don’t know how this hack happened, but when you have a centralized system where there’s a point of contact that the bad guys can point to and try to get into and penetrate, that’s very vulnerable. But it’s really important to realize that this was a hack and the crime is the hack, it’s not the fact that Bitcoin was the desirable prize of this attack.”

 The conclusion is pretty straight

To be frank, the recent hack is not going to stir a situation beyond what it was or what it is at the moment. It will probably go down at the most infamous one involving the digital asset but it is important to note that the attention received by Bitcoin over the week, good or bad, is only going to grow its image.

Accredited readers will understand and comprehend the facts well to acknowledge that the frailties lied on the hands of the social media platform rather than the digital asset, and that would be enough for now.

As for Bitcoin on Twitter, people are unlikely to trust the BTC addresses for a short period now, but narratives change and systems as well, so it is all part of the global image of Bitcoin.

Filed Under: Opinion, Bitcoin News, News Tagged With: BBC news, Bitcoin (BTC), Bitcoin hack, btc, OKEx, Twitter

Bitcoin: Jeff Bezos, Elon Musk, Joe Biden; No one survived the recent BTC hack!

July 16, 2020 by Utkarsh Gupta

Bitcoin scams and hacks have been extremely common over the last few years, but the recent conundrum on Twitter may have been the most memorable one in recent years.

Surrounding a cryptocurrency scam, an unidentified hacker found his way into several high-profile Twitter accounts and asked for BTC donations on social media platforms.

From Apple to Uber, from Kanye West to Barack Obama, everyone’s profile was intertwined, and a common tweet shared across everyone’s handle echoed a BTC donations message.

“I am giving back to the community. All Bitcoin sent to the address below will be sent back doubled! If you send $1000, I will send back $2000. Only doing this for 30 minutes.”

BTC donation
Source: Instagram

Following the incredible mess, Twitter CEO Jack Dorsey made an online statement stating the organization’s regrets about the situation. The CEO said the company felt “terrible this happened.”

Dmitry Alperovitch, the co-founder of Crowd Strike, informed media outlets that the above-mentioned hack could possibly be the “worst witness” on a major social media platform in history.

You may be unable to Tweet or reset your password while we review and address this incident.

— Twitter Support (@TwitterSupport) July 15, 2020

Hacker possibly made $120,000 in Bitcoins; unconfirmed

Although unconfirmed, Business Insider suggested that data from available blockchain records suggested that a hacker might make up close to $120,000 over the short scam period.

The hack was identified within hours, but hundreds of people took the bait on the platform and one particular wallet address reported receiving more than 350 transactions.

Ironically, the functionality of Bitcoin may make it difficult to properly identify the exact amount that the hack was able to collect during the scam.

Tron’s Justin Sun announces $1 million bounty following hack

The attention received by the scam was widespread and crypto proponents were taking centre stage as well. Justin Sun, Founder of TRON, released a bounty of $1 million for the capture of the hacker as he revealed that his team was working closely with Twitter on the issue. He informed outlets,

“We are working closely with Twitter to resolve this issue immediately and return our accounts to normal. We are always vigilant in handling our accounts; operating safely and responsibly — taking the security of our accounts to the highest standards possible. This only further illuminates the urgent need for our society to adopt decentralized, trustless software, and services.”

Filed Under: Industry Tagged With: Apple, Bitcoin (BTC), Bitcoin hack, bitcoin hackers, Bitcoin scam, bitcoin scams, crypto scams, Elon Musk, Jeff Bezos, Twitter

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