Four years ago, notable crypto exchange Bitfinex had suffered because of a catastrophic hack, where it saw a massive 119,756 Bitcoin (BTC) stolen from its holdings. This happened in 2016 and in the last few years, there have been small movements in Bitcoin between different wallets. The most recent moves in the stolen BTC was made this week on Monday. According to the blockchain data, an unknown crypto user recently moved a staggering 270.97974 BTC from one of the wallets that were linked to the hack. This amount of Bitcoin is roughly worth a whopping $5 million or more, a sum of money that most people would enjoy having in their back pocket.
The address from where the funds were moved is suspected to be connected to the Bifinex hack, which occurred nearly half a decade ago. After the transaction was complete, the balance in the wallet in question was reduced to 0.001 BTC. As far as the recipient is concerned, the Bitcoin was transferred to a different wallet address, which hadn’t been known before the transaction was made. However, this new wallet only holds the BTC that was moved in this transaction and nothing else. In today’s market, BTC just under 120,000 is undoubtedly a huge fortune.
Even so, the hackers behind the Bitfinex attack have proven to be extremely careful with the stolen funds. Over the four years that the hack occurred, they have only moved 1% to 2% of the stolen funds. The holding strategy seems to be paying off quite well for the hackers in ways that were certainly unexpected. At the time the hack occurred, the original haul had been valued at $72 million. However, as Bitcoin’s price has increased over the years, the same haul is now worth a jaw-dropping $2.3 billion in total. The last move made by the hackers had been in June of this year.
They had transferred approximately 736 BTC into a Russian darknet marketplace known as Hydra. These coins traveled back to the Bitfinex exchange through various transactions. Another major transaction had also been made in July, when 3,503 BTC was moved by these unknown hackers from one of the wallets that had been connected to the 2016 incident. The next major move came in October when 2,900 BTC had been transferred across wallets. The Bitcoin that was stolen through the hack had been spread out subsequently across numerous other wallets on various occasions.
Nonetheless, in the last four years, the hackers have not touched around 98% of the stolen funds. There could be a number of reasons why they have chosen not to make a move. It is possible that they are following a holding strategy or they are unable to launder Bitcoin in such a way that they won’t incriminate themselves or are just looking to spread out their payout over the long run. No matter what the reason, these hackers seem to be acting like Bitcoin investors and it seems to be working in their favor.