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What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
Bitcoins in its pure essence is money. It is digital currency that serves the same functions and pu…

Hackers Move Another $800K in BTC Stolen From the 2016 Bitfinex Breach

Hackers Move Another $800K in BTC Stolen From the 2016 Bitfinex Breach

Another $800,000 worth of bitcoin from the Bitfinex hack of four years ago has been moved to an unknown wallet.

Whale Alert reports that hackers transferred 77.64 bitcoin (BTC) on Tuesday, which amounts to $797,000 at the time the alert was issued.

The thieves last moved about $255,000 or 28.4 BTC on May 22, in deals that appear timed to coincide with every spike in the price of bitcoin.

BTC scaled past $10,000 on Tuesday, rising above the psychological point for the first time since the scheduled supply cut on May 11.

According to data from markets.bitcoin.com, the top cryptocurrency climbed nearly 6% in the last 24 hours amid record coronavirus spending by world governments.

Investors consider bitcoin a hedge against inflation in these uncertain times.

Hackers have chipped away at their multi-million-dollar stash since making off with 120,000 BTC from Hong Kong-based crypto exchange Bitfinex in 2016. Valued at $72 million at the time, the bitcoin is now worth over $1.2 billion at current prices.

Meanwhile, Ciphertrace said on June 2 that losses from cryptocurrency thefts, hacks, and fraud surged to nearly $1.4 billion during the first five months of this year.

In a new report, the crypto intelligence firm says it has also started to notice coronavirus-related crime that needed some form of payment using virtual currency, but similar fraud remained minimal.

Covid-19 fraud generally involved criminals luring their victims into social media groups where payment in bitcoin or other cryptocurrencies was requested, notes Ciphertrace.

What do you think about the moving stolen Bitfinex funds? Let us know in the comments section below.

The post Hackers Move Another $800K in BTC Stolen From the 2016 Bitfinex Breach appeared first on Bitcoin News.



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