While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…
Part of the Bitcoin stolen by hackers from a hack against cryptocurrency exchange Bitfinex in 2016 has been moved. The hackers did not touch the funds worth millions of dollars for about four years.
The movement of the funds was noted by Whale Alert, a Twitter bot that tracks the movement of large trades. It was carried out in twenty transactions and the value of each transaction was between 18 and 33 Bitcoin. The transaction with the lowest value was worth $184,868 while the highest was worth $328,913.
⚠ 18.732718 #BTC (184,868 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet
— Whale Alert (@whale_alert) June 10, 2020
The hackers used different wallets for the transactions, including wallets that had not been used before. They are yet to move the funds from the new wallets and perhaps are attempting to move the funds to evade detection for sales at a later time.
The hackers stole about 120,000 from Bitfinex in August 2016 which was worth $72 million then as the price of Bitcoin was only approximately $600. However, the incident prompted a 22 percent decline in the price of Bitcoin.
Since then, Bitcoin price has incurred massive increase such that the stolen Bitcoin is currently worth about $1.2 billion, representing 0.66 percent of Bitcoin’s aggregate market capitalization.
The hackers moved 28.3 Bitcoin (worth almost $260,000 then) last month. They moved 185 Bitcoin (worth about $2 million) in six transactions last June. Likewise, they moved 300 Bitcoin (worth about $2.7 million then) last August in ten transactions.
There is a likelihood that scammers will sell off their BTC in times of prosperity. Hence, the concern of traders is about possible dumping of the stolen Bitcoin on the market. If they sell the coins at once, it could provide surplus coins in the market thereby causing a decline in price.