U.S. Government Believed To Control Fifth Largest Bitcoin Wallet Linked To Bitfinex Hack

Wallet Linked To 2016 Bitfinex Hack

This development stems from the wallet’s direct connection to the infamous 2016 Bitfinex Hack. PeckShieldAlert’s findings indicate that the wallet’s ownership is linked to the seizure address. Recent records indicate that on February 1st, 2022, a substantial amount of approximately 567.5 BTC, valued at around $21.88 million, was transferred from wallet 1CGA4s to this specific seizure address.

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This occurrence is not the first of its kind. In 2022, PeckShield had previously reported that the U.S. Department of Justice (DOJ) had taken control of the account, associated with the Bitfinex hack. The DOJ’s action resulted in the seizure of a staggering $3.55 billion worth of Bitcoin, further highlighting the magnitude of the cryptocurrency’s connection to the hack. At the time of the hack, these stolen Bitcoins were valued at around $75 million.

Also Read: Memecoins Like Pepe Coin, DOGE, And Shiba Inu Outpace Stablecoins In Gas Fees

The Bitfinex Hacker Comes Out

In a recent courtroom revelation, a 35-year-old New York resident, Ilya “Dutch” Lichtenstein, confessed to orchestrating the original 2016 cyberattack on Bitfinex. In a federal court in Washington, D.C., Lichtenstein pleaded guilty to laundering the stolen Bitcoin and acknowledged his involvement in the robbery, CNBC reported.

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The confluence of these occurrences paints a nuanced picture of how law enforcement, the thriving Bitcoin market, and criminals interact. As details about the U.S. Government’s alleged role in managing a sizable Bitcoin hoard emerge, the importance of protecting digital assets comes to light, spurring renewed attention to fortifying defenses against cyber threats.

Also Read: Crypto Prices Today: Bitcoin And Major Altcoins Gaining Momentum, Pepe Coin Fails Price Recovery

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