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BTC that was stolen on Bitfinex has finally been spotted

bitfinex hacked bitcoins returned

Yesterday, throughout the whole day, anonymous transactions were being made to Bitfinex and all of them turned out to be the BTC stolen in 2016.

According to Hard Fork, the transactions were due to Bitfinex Leo token system, which allegedly would allow the anonymous transaction of stolen funds back to the exchange.

It was one of the best strategies of recovering lost funds that had cost the exchange around $60 million at the time of the hack, but it looks like the exchange was not involved in it as much as people imagine.

The transactions began at 06:00 UTC shart and continued way into the day’s evening. Around $1.4 million’s worth of Bitcoins, which is more than 172 was transacted within 14 hours, ending with a $140,000 transaction late in the evening at 20:00 UTC.

The transactions were noted by the Twitter handle called Whale Alert that reported all of the transactions seconds after they had happened.

According to a representative of the Bitfinex exchange, Anneka Dew, they were not involved in the transactions. In fact, the transactions weren’t even tied to the procedures outlined in their UNUS SED LEO white paper.

The moves that were reported by Whale Alert are the only ways anonymous Bitcoin transactions can actually be traced and later used for forensic analysis by experts.

However, it was most likely a money-laundering case where the hackers were trying to transfer the funds to a platform where it would be much easier to cash them out.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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