Nearly $ 100 million worth of Bitcoin stolen from the 2016 Bitfinex hack has jus

[tunaduong]

The stolen funds - more than $ 2.3 billion worth of Bitfinex Exchange that were hacked in 2016 at this point - are slowly moving. Will this cause the price of BTC to go down?

[mk4]

Will this cause the price of BTC to go down?

Why would it? It's not like the hacker could just easily dump all the coins on a spot exchange without him/her potentially exposing his/her identity.

[Astvile]

It might affect the market but the possibility of it crashing down bitcoins price totally is close to impossible I think. With that big amount of bitcoins the hackers are holding and the amount of people that are into them they will really find it hard to launder that sum of money they can't dump big sell orders that may cause bitcoins price to plummet.

[sunsilk]

Will this cause the price of BTC to go down?

Why would it? It's not like the hacker could just easily dump all the coins on a spot exchange without him/her potentially exposing his/her identity.

This is true.

It's impossible for the hacker to dump that all at once. You know that exchanges today once you've caught a stranger amount of transfer, they'll get it a red flag and you'll be questioned for it.

If you don't follow their procedure, they'll lock the money. And will be found that it's the hacked funds.

[Lorence.xD]

Why would it? It's not like the hacker could just easily dump all the coins on a spot exchange without him/her potentially exposing his/her identity.

If the hacker has a lot of wallets and a mixer I think that the hacker can easily, maybe they are just turning down the heat. And I believe that this hack is not just one person because they have a confidence to move the funds, that amount is a lot for one person.

[mk4]

If the hacker has a lot of wallets and a mixer I think that the hacker can easily, maybe they are just turning down the heat.

Not because someone uses a mixer or even coinjoin wallets it doesn't automatically mean that the hacker will be forever anonymous. There are still stuff that the hacker can get wrong that could potentially expose his/her/their identity.

And I believe that this hack is not just one person because they have a confidence to move the funds, that amount is a lot for one person.

? ? ?

[pakhitheboss]

Actually, hackers will never use an exchange to sell those stolen funds. They will always use the darknet or trusted over the counter services to sell them. They will never sell everything in one go and don't you think it is too early for them to sell them as they know the potential of Bitcoin. They will wait more, as it has been only four years now.

[cryptoaddictchie]

Will this cause the price of BTC to go down?

Possible can, anything free dump on market will make btc dump. But this will take time, I'm sure hackers are not dumb to sell it in bulk, he will probably do this slowly. Like others said he will be making move to sell it on a spot market with KYC imposed. But some exchanges don't do this however they are already notified of the address.

Is that matter? Probably using a mixer to chop the balance into many wallets. But if the process will be like this, then it can't totally affect the market that big but sure we don't know how big it could swayed the market. Probably low enough other exchanges can cover the down tick.

[pooya87]

Actually, hackers will never use an exchange to sell those stolen funds. They will always use the darknet or trusted over the counter services to sell them. They will never sell everything in one go and don't you think it is too early for them to sell them as they know the potential of Bitcoin. They will wait more, as it has been only four years now.

Actually it depends on the hacker
For example the Twitter hackers that used popular people's account to scam people were using Coinbase as their wallet and exchange account and that led to them being found and caught real fast.
But you are right, most of them will never use a centralized exchange and so far the only thing hacks have done to bitcoin price has been causing fear in some newbies that panic sell for a day or two then bitcoin continues rising again.

[asriloni]

The stolen funds - more than $ 2.3 billion worth of Bitfinex Exchange that were hacked in 2016 at this point - are slowly moving. Will this cause the price of BTC to go down?

The hacker can sell it to the USDT but it might got banned when the funds have been entering the centralized exchange site. A lot of eyes are still watching this.
The hackers have no way to withdraw the bitcoin from his wallet. It's almost impossible to did it.
That will be useless when you can't cashing out the money.
Hacker will not dump it dude and I hope that he was taking a wrong step that could expose his identity.

[Kakmakr]

Well it is totally understandable that it is moving now.... back in 2017 when we had the previous all-time-high price, things was still a little "hot" for the hackers to move those coins... so they most probably thought they would wait until the dust settled and then they would start selling the coins when the spotlight are not on them.

The latest spike in the price must have been the trigger for their decision to move those coins... or they did a bit more research into what methods would be safe to move those coins. (Testing different Mixer services with criminal activities to see which of them are reporting to the law enforcement agencies)

I hope they make some mistakes and that they would get caught!

[tunaduong]

Well it is totally understandable that it is moving now.... back in 2017 when we had the previous all-time-high price, things was still a little "hot" for the hackers to move those coins... so they most probably thought they would wait until the dust settled and then they would start selling the coins when the spotlight are not on them.

The latest spike in the price must have been the trigger for their decision to move those coins... or they did a bit more research into what methods would be safe to move those coins. (Testing different Mixer services with criminal activities to see which of them are reporting to the law enforcement agencies)

I hope they make some mistakes and that they would get caught!

I think decentralized exchanges will be the target hackers or scam exchanges will help them liquidate that BTC.

[NorrisK]

Well it is totally understandable that it is moving now.... back in 2017 when we had the previous all-time-high price, things was still a little "hot" for the hackers to move those coins... so they most probably thought they would wait until the dust settled and then they would start selling the coins when the spotlight are not on them.

The latest spike in the price must have been the trigger for their decision to move those coins... or they did a bit more research into what methods would be safe to move those coins. (Testing different Mixer services with criminal activities to see which of them are reporting to the law enforcement agencies)

I hope they make some mistakes and that they would get caught!

I don't really think that these coins will ever stop being "hot". With all the automated tools to follow every large transaction and coins that are linked to hacks, it will trigger warnings instantly.

[yazher]

Will this cause the price of BTC to go down?

Why would it? It's not like the hacker could just easily dump all the coins on a spot exchange without him/her potentially exposing his/her identity.

Yeah! the amount is too much to handle and it won't really that easy to sell it all unless they just gonna sold a portion of it. Now, if this news will be published to all of the crypto industries, the price of bitcoin will likely go down because now one really wants to sell their BTC after the price has gone down after those stolen bitcoins have been sold to the market.

[20kevin20]

Could we just stop caring about every single large wallet holder and let the authorities and analysts do their job? I mean, the thieves are doing what they probably long ago planned to do. It's not like we can do anything about it besides being desperate of a so-called possible dump.

There have been lots of dirty millions (probably billions actually) that have been sold along the way since Bitcoin's inception. It's never going to end, so just stop caring because nobody will dump a bag of $100M within a day unless they're stupid.

Moreover, the faster they sell, the better distributed they'll be rather than being held by 1 single person. If dumps are your fear, stock/crypto trading isn't for you because it's all a continuous cycle of bulls and bears..

[markcolls]

How on Earth does one even begin to launder $2.3 billion. They will have to have like 100 corrupt politicians in their back pocket. Really, you need government cooperation to launder that kind of money. And they probably can never travel outside the country where they cash out.

[peter0425]

The stolen funds - more than $ 2.3 billion worth of Bitfinex Exchange that were hacked in 2016 at this point - are slowly moving. Will this cause the price of BTC to go down?

maybe right because in 2017 Bullrun they tend to maintain the hacked amount because the issue is too hot and they might get caught.
Now that 4 years had passed and they have created and clean exit,Thats why starting to move the funds is what they are doing.

and surely after that long and not being pointed and revealed they are confident that no one can take them down so the fruit of their hacking will be tasted at last.

[BLU]

If you had a skill to hack $2.3B you'd definitely found the way how to launder it. So many ways to do it: deep net, mixers, scam exchanges, OTC private deals, multiple wallets etc. I think they will be ok if don't make some stupid mistake which is possible too.

How on Earth does one even begin to launder $2.3 billion. They will have to have like 100 corrupt politicians in their back pocket. Really, you need government cooperation to launder that kind of money. And they probably can never travel outside the country where they cash out.

[Vishnu.Reang]

If you had a skill to hack $2.3B you'd definitely found the way how to launder it. So many ways to do it: deep net, mixers, scam exchanges, OTC private deals, multiple wallets etc. I think they will be ok if don't make some stupid mistake which is possible too.

How on Earth does one even begin to launder $2.3 billion. They will have to have like 100 corrupt politicians in their back pocket. Really, you need government cooperation to launder that kind of money. And they probably can never travel outside the country where they cash out.

I have to disagree with you. Laundering this many coins is actually harder than stealing them. Hacking an exchange can be done in a few steps, if the insiders are involved. However, moving this money and then converting them to fiat can be quite complicated. Staying anonymous during this step is next to impossible. The least risky strategy is to move the coins from one crypto wallet to another a few times and then mixing them. The conversion to fiat should be done after many years, after making sure that the trail can't be traced back. In many cases, the hackers don't have the patience for all this and ends up revealing their true identity.

[Rodeo02]

The question is what is the reason for moving it to another wallet? It's not possible for him to sold it directly in exchange so for you're question if this can affect  the market then it's a no . The only way he can sold it is to find person that willing to buy it in bulk BTC .which is also dangerous  for him since it may reveal his real identity one mistake and he will go to  jail.

[tunaduong]

If you had a skill to hack $2.3B you'd definitely found the way how to launder it. So many ways to do it: deep net, mixers, scam exchanges, OTC private deals, multiple wallets etc. I think they will be ok if don't make some stupid mistake which is possible too.

How on Earth does one even begin to launder $2.3 billion. They will have to have like 100 corrupt politicians in their back pocket. Really, you need government cooperation to launder that kind of money. And they probably can never travel outside the country where they cash out.

I have to disagree with you. Laundering this many coins is actually harder than stealing them. Hacking an exchange can be done in a few steps, if the insiders are involved. However, moving this money and then converting them to fiat can be quite complicated. Staying anonymous during this step is next to impossible. The least risky strategy is to move the coins from one crypto wallet to another a few times and then mixing them. The conversion to fiat should be done after many years, after making sure that the trail can't be traced back. In many cases, the hackers don't have the patience for all this and ends up revealing their true identity.

Will they be able to liquidate those BTC on decentralized exchanges or convert that amount for another cryptocurrency?