Bitfinex hackers moved $4M worth of Bitcoin in 20 small transactions

Bitfinex hackers conducted 20 small transactions to move more than 400 BTC from the 2016 hack.

The moves were reported by Twitter bot Whale Alert, a service that reports large-scale transactions across a multitude of blockchain networks and cryptocurrencies. Whale Alert reported twenty transactions each moving 15 to 33 BTC of stolen funds from the hack to an unknown address.

Bitfinex hackers on the move

Hackers made numerous small-scale transactions to move a large sum of stolen coins from the hack to their wallets. The multiple transactions were most likely an attempt at staying under the radar while making the transaction.

This is not the first time the hackers have moved stolen funds this year. Previously the hackers moved 800,000 dollars and 255,000 dollars worth of BTC on June 2 and May 22 respectively.

The crypto exchange platform was hacked in 2016 by a group of hackers that remained under the radar until 2020. This year Bitfinex hackers have moved millions of dollars worth of Bitcoin from the hack to their addresses.

Crypto whale paid $5.2M to move $87,000

On June 10 a user moved 0.55 ETH on the Ethereum blockchain. the transaction would have slipped under the radar if it wasn’t for the large sum paid as its transaction fee. As Cryptopolitan previously reported, the user paid 10,668 ETH as a transaction fee to move 0.55 ETH.

People considered it a human error and believed that the user mixed the transaction value and the fee columns of the trade. However, a few hours later the same user moved 87,000 dollars worth of Ethereum for a transaction fee of 2.6 million dollars.

While the reasons behind such insane transactions remain unknown, crypto Twitter is alleging that they were made by a whale trying to launder money.

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Bilal Ahmed

Written by Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.