Hacks in the cryptocurrency industry have always taken centre stage, acting as a major hurdle for the field. Incessant scams have also been the reason for the exclusion of mainstream companies in the world of digital assets.
The 2016 Bitfinex hack was one of the most controversial hacks in the history of the industry, resulting in millions of dollars worth of crypto being stolen. After years of there being no trace of the stolen assets, Whale Alert recently detected movement of the massive amounts of Bitcoin in unknown factors.
Four years back, hackers had made away with $72 million worth of Bitcoin with Bitfinex assuring users that they would be reimbursed. To aid in this process, Bitfinex had actually created a native token called BX, the last of which was bought back in April 2017. Genuine members of the community have been trying to track the stolen assets and finally succeeded this week.
On June 27, holders on the blockchain noticed that large chunks of Bitcoin were being moved consistently. Whale Alert noticed a total of nine transfers on the Bitcoin blockchain, all of which were related to assets from the Bitfinex hack. The transfers occurred in batches of four transfers followed by another set of five transfers.
The first transfer involved 174.4 BTC worth $1.8 million being moved to an unknown wallet with an address of 3HC1QJpsNjRsqEiD5XWFUr5R4zrhmwZTUR. This was followed by transfers of 86.26 BTC, 183.5 BTC, 87.67 BTC, 473.32 BTC, 448.782 BTC, 476.32 BTC, 320.3 BTC and 299.99 BTC.
All the aforementioned transactions came on the back of another set of transactions that occurred on June 10. Last month, the Bitcoin blockchain witnessed 20 transactions where the transfer amounts ranged from, $149,000 to $300,000. Authorities are still trying to track down the actual perpetrators of the hack after spotting the recent $27.8 million move.