Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a guest writer at Qwenu and Deputy Editor-in-chief of Gamji Press.
According to a Twitter post by a popular crypto analyst, Whale Alert, earlier today, the Bitcoin stolen from the 2016 Bitfinex exchange hack has been transferred to an unknown wallet. Recall that in 2016, over $750 Million worth of Bitcoin (BTC) was stolen by hackers from Bitfinex.
“10,000 #BTC (383, 540, 711 USD) of stolen funds transferred from. Bitfinex Hack 2016 to unknown wallet” @Whale_alert tweeted.
Recently, more than 20,000 Bitcoins were exchanged in two separate 10,000 BTC transactions. Hackers have begun relocating assets stolen from the 2016 Bitfinex attack for the second time in the previous year. The exchange was robbed of a total of 119,756 BTC at the time, causing the market to plummet.
The hackers moved the first batch of Bitcoins worth $750 million last year when Bitcoin was trading at its all-time high in mid-April 2021.
It will be fascinating to observe if this shift causes the Bitcoin price to become more volatile. Nearly 20% of the total Bitcoin stolen has been relocated by hackers.
While most exchanges have made it difficult for hackers to pay out their stolen funds, they may be able to do it in other ways. The current financial transfer, on the other hand, indicates that the hackers are in the mood to rig the market.
Bitcoin is currently trading 4.5 percent higher at $38,500, with a market capitalization of $730 billion. Bitcoin is already trading at a discount of more than 45 percent to its all-time high of $69,000 in November 2021.
To validate an upswing, Bitcoin must first rebound above $39,500 and then move above $42,500. After a severe fall earlier this month, the market has been anticipating this healthy rebound. It’ll be interesting to watch if Bitcoin can recapture the $40,000 mark by the end of the week.
Speaking about whether this fraudulent act will affect the price of Bitcoin, Will Clemente, a popular crypto market analyst stated:
“Bitcoin is currently the 4th most oversold in its history according to dormancy flow. Dollar-cost averaging more heavily into this area is probably the best approach for the long-term investor.”
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