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Hackers have once again transferred BTC funds whipped from digital currency exchange Bitfinex back in 2016.
As per Whale Alert, a Twitter bot that keeps track of hefty digital currency transactions, the hackers moved around four hundred and seventy three BTC, worth approximately five and a half million USD, into an unidentified crypto wallet. At the time, the stolen funds were divided into more than a few wallets. Nonetheless, the majority of the funds are now stored in one wallet.
The CEO of blockchain forensics firm CipherBlade, Rich Sanders mentioned,
“If I had to guess, what they’re going to try to do is split funds into a bunch of wallets and try to send them to InstaSwap or [other] KYC-lite/less exchanges.”
The process described by Sanders is dubbed “chain-hopping”. In this process, the hackers transfer funds around crypto exchanges so swiftly that it becomes too resource-intensive for establishments to place subpoenas on their accounts.
Notably, hackers whipped around one hundred and twenty-one thousand Bitcoins from Bitfinex, in August 2016. At present prices, that’s around 1.4 billion USD in whipped funds, though the stolen crypto was only worth seventy-two million USD at the time.
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