Over $20M from 2016 Bitfinex hack on the move

Digital currency tracker Whale Alerts has reported that $21,814,820 worth of stolen BTC from the 2016 Bitfinex hack is on the move. 

The 2016 Bitfinex hack

It is well-known that BTC is most criminals’ digital currency of choice; in 2016, Bitfinex was hacked for 119,756 BTC, worth $12,117,663,505.20 at press time.

For several years now, chunks of money from the Bitfinex hack occasionally move from the wallet they reside in, to an “unknown wallet address.” This means that the address the stolen BTC is sent to is not known to be associated with any particular digital currency exchange or wallet provider. This year alone, there have been 35 different occurrences of BTC moving out of the wallet address that contains the stolen funds from the Bitfinex breach.

Where do the stolen funds go?

Although it is unclear where the stolen funds are being sent, the recent movement of the stolen BTC has some individuals worried that the current rally we are experiencing in the digital currency markets is going to come to an end.

The individual in control of the wallets may have decided that now is one of the best times to send their BTC to another location given the positive market movements that several digital currencies have experienced over the past few days. As of press time, both BSV and BTC are up 6% on the day.

The real challenge for the hacker will be liquidating their stolen funds, nearly every government agency uses a blockchain analytics service now, closely watching digital currency transaction flows and keeping an eye out for any illicit money that is on the move.

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