While the hacker will find selling their BTC difficult, the transfers may be contributing to a volatile day in the markets.
A tranche of long-dormant Bitcoin seized in the 2016 hack of the Bitfinex cryptocurrency exchange are on the move today, an over $620 million sum that has some market participants spooked and may be contributing to a downward slide for Bitcoin.
Blockchain analytics bot Whale Alerts was the first to raise the alarm, calling attention to a series of over five dozen transactions from wallets that have largely been inactive since the 2016 hack:
⚠ ⚠ ⚠ ⚠ ⚠ ⚠ ⚠ 1,241.37 #BTC (78,246,494 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallethttps://t.co/yLsJDXUBvE— Whale Alert (@whale_alert) April 14, 2021
The largest transaction was for 1,241.3672 BTC, worth well over $78 million (for which the hacker paid a 0.00072910 BTC fee, or roughly $45), though other transactions were for as little as 1.5 BTC.