More than $100M tied with the Bitfinex hack in 2016 is on the move

Update: November 30, 2020 was the day Bitcoin reached the All-time-high (ATH) surpassing the late $19,666 registered in 2017, on this day the main asset on the crypto market reached more than $19,700 while the traditional Gold also registered loses and was negotiated below $1,700. Now the asset is heading off to $20,000 for each piece, Bitcoin Cash is on the edge also with a whopping $314 and growing, and that isn't all! The market today register the genesis of ETH 2.0 with the new format on the stage 0 with more than 850,000 ETH staked in the contract, things just got warm.

Okay let's dive on the title news...

With the market on fire registering the All-time-high on many crypto coins, the hackers who robbed the Bitfinex exchange are trying to sell off the assets, yesterday Nov. 30, 2020 the criminals moved nearly 5045.48 Bitcoins worth more than 97,6 million in actual market prices to an unknown address. The transfer of the assets was flagged by the whale-alert on Twitter.

Whale-alert is a tool used to track big and suspicious crypto transactions on the social media twitter, the tool helps to track down large quantities of decentralized assets and spot them to alert the Platforms who deal with them to freeze or contact the authorities when it's possible.

The recent move of those assets, stolen on Bitfinex was done in 14 transactions and happens two months later from the other move, who transfered almost 26M from the same hack to another unknown wallet. The main incident to Bitfinex happened four years back, when the exchange suffered a leak, where the criminals had access to 120,000 bitcoins. After the incident the staff team was forced to create a token to reimburse the clients and in August 2020, the company launched a public offer to reward who could offer any lead to help get back the assets or even appeal the criminals to send back the stolen funds and keep the bounty.

Until now, 3 months later no one could offer any information to help get back the stolen Bitcoins but several transfers of the assets have been flagged online. It's not clear what the cyber criminals wanna do for now but it's possible that they are trying to send it to platforms that can exchange it for other privacy coins, won't be easy to whitelist this assets but they will try to sell of that big bag from Bitfinex hack.

Hacking on the industry of crypto isn't new, with several exchanges getting attacked and in the worse cases losing huge sums of assets like Bitfinex, other biggest platforms also experienced this kind of crime such as UPbit and Binance, who at the time lost 7,000 bitcoins. The Bitfinex case is more complex and bigger in terms of quantities of stolen assets, the hackers stole billions in actual prices from the platform. In the past MT. Gox one of the biggest players on the trading space at the time had this kind of incident and unfortunately for them forced the company to shut down and with that taking prejudice for all investors who had assets on the platform.

The Mt. Gox case until now have been on dispute on the Japanese courts where the investors claim compensation from the platform, which if the creditors win will force the defunct exchange to pay them back, the doubt is in what price the same ones could receive their stimulus, in prices prices from the past per Bitcoin or in actual ones. That is a something only the court can authorize.

At least at Bitfinex the customers affected by the incident get compensated by the native token BFX to cover the losses but unfortunately for the exchange was a big loss. Recently another bigger exchange also get attacked and lost more than $230M but fortunately they knew the hacker and managed to track down and recover the stolen funds and 84% of the total loses have been returned to the firm, but not all days that happen with several companies losing money from this incidents.

The more the market grows, also the level of attacks increase with criminals trying to steal from them and cause more victims!

Stay tuned for more updates on the crypto market, don't forget to check my fundme.cash campaign any help is much appreciated, take care and have a marvelous day.