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Bitcoins [BTC] worth $1.3 million stolen from Bitfinex, now transferred to different addresses




Source: Pixabay

Bitfinex, one of the world’s most controversial exchanges post the Tether-NYAG fiasco, has made a comeback in the news following an update on the Bitcoins stolen from the exchange during a hack.

Earlier today, Whale Alert, a Twitter handle that tracks large crypto-movements for most leading coins, notified five transactions that were made from the stolen Bitfinex address. The five transactions accounted for around 172.574 Bitcoins, worth $1364600 [$1.3 million] at the time of the transaction.

Notably, the exchange has been a victim of security breach twice, with one hack taking place in 2015 and another one in 2016. The exchange lost around 1500 BTCs to the first hack and 119,756 Bitcoins to the second attack. The funds that were transferred earlier today belonged to the second hack.

The funds were transferred from five different addresses, 19Xs96FQJ5mMbb7Xf7NXMDeHbsHqY1HBDM, 1MP3c916NzJkE1zaWkewH5XUR26urCZgJQ, 1HtWGGRhKKKe2jeaDZPVTQv2wcTF3Doobg, 19ZzA43P7Jedd1JVpnbMS777KGvzYetnbG, and 1MyEwPiTvhMXnBwRSNb86aHhbYyCqFiikN. They were sent to five other unknown wallet addresses, 3K8JAiDssScq24Te37R7HvtsPrWLU35aG2, 3C5WLue6k3x9ou58tFSHqe7xRo8tzoMiNq, 37rN2ZuWTsyBprftT4eUn2sorYrgcuYYZX, 3BfWsUgcEup32rgGknr7KrW2uMnAk2SV52, and 32aTaX4FbZ9iVTi1HNDPoS6b7wViqGoVad

Further, this was not the first time the attacker moved the stolen Bitcoins this year. In April 2019, the hacker moved around 550 Bitcoins from addresses that were connected to the 2016 hack.

Source: Twitter

Source: Twitter

WhalePanda commented on Twitter,

“I do wonder what the market is like for buying/accepting stolen and tagged coins, how much discount would you get for them? What’s the market rate? Is it kind of like stolen credit card info? ‘I just got the best deal of my life, I managed to buy 172 $BTC at a 20% discount.”

He further added,

“You could of course mix them, but that would come with other issues and to mix a huge amount of them takes a very long time.”

Another Twitter user commented,

“You can never be sure if these ‘hacks’ were real or staged.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Facebook’s Libra ‘sounds an awful lot like Proof-of-Stake’ and will ‘run into Ethereum’s problems,’ claims Jameson Lopp




Facebook's Libra 'sounds an awful lot like Proof-of-Stake' and will 'run into Ethereum's problems' claims Bitcoin engineer, Jameson Lopp
Source: Unsplash

Facebook’s “The Libra Blockchain” whitepaper has created quite a frenzy, not only in the cryptocurrency ecosystem, but also with U.S. government officials. Some people claim that Libra is not a blockchain, while others claim that it is going to kill Ripple, XRP and other similar blockchains. However, Jameson Lopp had a different view, claiming that the Libra blockchain has not solved massive problems that Ethereum has.

Lopp in his Medium article dissected the whitepaper and stated that the Libra Blockchain will be controlled by a set of authorities in a top-down fashion and that it will eventually move from a permissioned to a permissionless blockchain. The blockchain will offer a global currency – Libra coin, which will be backed “with a basket of bank deposits and treasuries from high-quality central banks.”

Since the whitepaper mentions that it will eventually move towards a permissionless and an open system, Lopp speculates that it “sounds an awful lot like Proof of Stake” and like Ethereum, it will face the same problems. He said,

“Apparently the plan is to open up membership after 5 years and hopefully they’ll have figured out Proof of Stake by then… I expect they’ll run into the same problems as Ethereum!”

Lopp added that “Calibra Wallet,” which is used to store the Libra coins, is the only wallet that can hold the coins for now and that it will require strict KYC/AML compliance. Since the blockchain conveniently replaces “stablecoin” for “resources,” Lopp speculates that it will concentrate more on smart contracts since it is built on a custom smart contract programming language called “Move”.

In addition to facing similar problems as those faced by Ethereum, the Libra Blockchain is facing more issues from a political and a regulatory standpoint. There was a lot of speculation even before Facebook dropped the whitepaper.

According to Reuters, United States House Financial Services Committee Chairwoman Maxine Waters issued a statement to halt/pause any and all developments on the project, until and after the Congress and other regulatory bodies have finished reviewing it. A senior Republican, Patrick McHenry, is also calling for a hearing on Facebook’s new cryptocurrency.

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