A new update in the crypto market has shown that a large cache of Bitcoin presumably seized from the Bitfinex hack in 2016 is now on the move. The entire cache is worth close to $620 million in today’s prove with analysts saying that the move could be one reason why the digital asset has suffered a dwindling fate this evening.
Renowned bot Whale Alert was the first to track the transfer, giving details and insights of over 60 transactions from the seized Bitcoins. Notably, since the hack took place in 2016, the proceeds from the act have remained in some wallets and have not moved up until this point.
The largest transfer was around $78 million
According to the bot’s detailed information, it mentioned that the highest amount that was moved from the stack of Bitcoin was worth $78 million for about 1,241 Bitcoin. For the transaction’s confirmation, the hacker was said to have paid about $45 as transaction fees.
The total transaction that the hackers carried was said to be above 60, with the total amount processed the same as mentioned above. While the hackers have been moving the stolen Bitvok around, this transaction is said to be one of the biggest chain of transactions that he has ever made.
Even though the hacker has been said to have moved coins amounting to 1% of the total amount stolen, the total amount moved today was just 8% of the total amount stolen. As of this moment, the total amount of over 120,000 Bitcoins that was stolen in the hack is now worth well over $7 billion.
The hackers cannot sell the coins
Despite the transactions taking place at this time, many people are still trying to wrap their heads around why the hackers made them. While most of the assets were moved to a newly created wallet, a small part was moved to wallets already associated with the hacker.
Analysts have also mentioned that the hackers cannot sell the Bitcoins as they have now been flagged and would not risk crypto exchanges outing them. The hacker previously tried to sell some of the Bitcoin on the dark web some months ago, but most of the assets were returned to the crypto exchange.
With the coins returning to crypto exchanges, some traders argued that the hackers wanted to spoil the market at that time. Bitfinex is still frantically looking for the hackers with the crypto exchange offering up about $400 million for their apprehension.