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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 Transfer $28 Million Worth of Bitcoin from 2016 Bitfinex Breach

Hackers Transfer $28 Million Worth of Bitcoin from 2016 Bitfinex Breach

Around 2,500 stolen bitcoins ($28 million) from the 2016 Bitfinex breach were transferred from the hacker’s wallet on Monday.

The last time the Bitfinex hackers moved funds from the hack four years ago, they moved around $5 million worth of coins on June 24. This time around, the top crypto asset by market capitalization touched new price highs for 2020 on July 27.

At 6:15 p.m. (ET) on Monday, bitcoin (BTC) reached $11,379 per coin on Bitfinex. The hackers moved the $28 million worth of BTC in various fractions six hours prior to the price high, according to statistics from the BTC transaction tracker Whale-alert.io.

Whale Alert saw a number of large BTC transfers on Monday afternoon, but these bitcoins, in particular, stemmed from the 2016 Bitfinex hack and were sent to unknown wallets.

Some transactions were anywhere between 85 BTC to 174 BTC, while some were above 400 BTC in a single transaction. The series of BTC transactions stemming from the Bitfinex hack occurred at precisely 12:41 p.m. ET and another set of transfers at 1:49 p.m.

Hackers Transfer $28 Million Worth of Bitcoin from 2016 Bitfinex Breach
At 6:15 p.m. (ET) on Monday, bitcoin (BTC) reached $11,379 per coin on Bitfinex.

The Bitfinex hackers moved a grand total of just over 2,550 BTC and at the time, BTC was only trading for $10,350 a coin. The bitcoins came from the security breach Bitfinex experienced back in August 2016 when the exchange lost 120,000 BTC.

At the time the entire stash of stolen BTC was only worth roughly $72 million, but today those coins are worth $1.3 billion at current prices. Bitfinex is still a popular exchange and it paid customers back by creating an exchange-backed token.

The Bitfinex stolen bitcoins have always been a fan favorite to monitor and people are always watching the funds with great interest. The bitcoins have been moved more recently but sat for years prior to the first moves.

With the last move on June 24, the hackers also moved coins on June 11 as well. The Bitfinex hackers transferred roughly $5 million worth of BTC in 20 separate transactions. The $28 million worth of bitcoin transactions on Monday has been one of the largest moves yet.

What do you think about the Bitfinex hackers moving $28 million worth of BTC? Let us know in the comments section below.

The post Hackers Transfer $28 Million Worth of Bitcoin from 2016 Bitfinex Breach appeared first on Bitcoin News.



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