Bitcoin’s Exploding Value May Have Turned Bitfinex Hackers Into Multi-Billionaires

Bitcoin's Exploding Value May Have Turned Bitfinex Hackers Into Multi-Billionaires

Holding cryptocurrencies have made billionaires out of some of the leading figures in the crypto ecosystem. Usually, these crypto billionaires are CEOs of exchanges or long-term investors, but there is an anomaly this time, and the names or faces behind this billion-dollar status are still unknown.

Bitfinex hackers now have $7.5 billion worth of Bitcoin in their possession

These anonymous billionaires are famous for launching one of the largest cyber thefts in the last decade. And now, with Bitcoin’s value soaring to new levels, these hackers are going down in history as some of the richest Bitcoin hackers the world has ever known.

The 120,000 Bitcoin stolen by the hackers in 2016 was worth around $75 million at the time of the theft. Fast track to April of 2021, and the stolen Bitcoins are now worth $7.5 billion, making the hackers almost as rich as Sam Bankman-Fried who recently topped Forbes’s latest Crypto-billionaire list with a net worth of $8.7 billion. But how do these wealthy hackers spend the stolen fortune? They don’t, at least not within the last five years.

The “Bitcoin billionaires” may never be able to spend the stolen fortune

According to Adam Cochran’s assertion, the hackers may not succeed in cashing out without being caught.

“No exchange will process them. They can basically never be cashed out. The 2016 Bitfinex hack BTC are some of the most tracked and blacklisted funds in the world.” He explained. 


Apparently, moving Bitcoins from one wallet to another is the most that can be done for now, and the hackers are clearly taking advantage of that privilege.

When Bitcoin hit a new all-time high on Wednesday, Blockchain analysis platform WhaleAlert recorded the movement of 10,057 Bitcoin, traced back to the Bitfinex hacker’s address. The destination of the Bitcoins which were worth $632 million on Wednesday, was an unknown wallet.

As many crypto telegram users claim, the hackers may have intended to manipulate the prices with that move. Cochran laid this out in his tweet that reads: “This isn’t the first time that the whale has moved them during a market rally to cause panic and likely cash in a short.”

In 2019, an Israeli news outlet reported that two Israeli brothers Named Eli (31) and Assaf (21) Gigi, who were associated with the Bitfinex hack had been arrested. A year later, Bitfinex is still on the lookout for the remaining culprits as it offers a whopping $400 million in rewards to persons with useful information.