Hacker Tries To Cash Out $750 Million Of Stolen Bitcoins

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Last Updated on 20 April 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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On the day of Coinbas’s IPO, Wednesday 14 April to be exact, someone tried to move an incredible amount of stolen Bitcoins from the 2016 Bitfinex Hack from one wallet to another, hoping to cash out.

In summary, as Nick Mancini pointed out:

Someone used the $COIN listing media hype as the exact moment they transferred all the of stolen $BTC from the Bitfinex hack to an anonymous wallet…  There are over 50 transactions totaling hundreds of millions of dollars.

Advertentie.

Look left

In other words, the hacker tried to use the moment that the whole crypto world was looking left to the Coinbase IPO, to try and do something illegal himself on the right and cash out a whole bunch of stolen Bitcoins.

Problem is that with the professionalization of on-chain data analysis, it has become practically impossible to go unnoticed, especially when moving Bitcoins followed by the entire cryptosphere.

We cannot repeat it enough. Using the Bitcoin network to conduct large-scale criminal activity is neither smart nor efficient. With the constant reduction in the number of illicit transactions on the Bitcoin network, it has become evident that Bitcoin is no longer the ally of criminals (even though classic banking will try to make you believe it is).

Given that Bitfinex has offered a hefty $400 million reward in exchange for information about the hack, we believe it could be a long time before the hacker is finally able to cash out.

One of the best memes made about the move showed a still from the movie Wolf of Wall Street in which shows the backside of Donnie Azoff (played by Jonah Hill) as he yells at a trader:

You pull this Bitfinex hack shit on new issue day?? On mf new issue day?!?!?