In 2016, the Bitfinex exchange had the theft of nearly 13,000 bitcoins that rocked the market (currently around $5 billion). Follow the tracking service Whale Alertthe hacker transferred 2 transactions from the hacked wallet to an unknown wallet, with 10,000 BTC in each transaction.

Transactions totaling $760 million

As the on-chain data shows, the first transaction was made at 11 a.m. (UTC). In total, $383 million worth of bitcoins were sent to an anonymous wallet ending in “uxwczt.” It has yet to be determined whether this wallet is owned by an exchange or an OTC desk, but it has consistently received small amounts of BTC since 2016.

Whale Alert tweet:

“10,000 BTC ($383,060,684) stolen, moved to unknown wallet from Bitfinex hack wallet in 2016.”

The second largest transaction was made immediately after the hacker transferred the same amount of coins to the same address that had previously received 10,000 BTC.

According to the transaction page from the Bitfinex Hack Wallet, the hacker transferred the same amount in April 2021. At that time, $623 million worth of Bitcoin was moved to an undisclosed wallet.

Is it possible to influence the market?

A large transaction made with an unknown wallet is most likely not the final step in a hacker’s withdrawal for US dollars or any other fiat currency. Since the daily volume of the Bitcoin-related trading market is currently around $1.5 trillion (including derivatives), the $760 million hacking move will not have a major impact on the market.

In the event that the hacker splits the total amount into smaller chunks, the spot bitcoin market will not notice the impact of the increased selling pressure. At the time of writing, Bitcoin is trading at $38,942 with no significant negative movement. As for the stolen funds, 20,000 BTC remain in the “uxwczt” wallet.

Bitcoin price 4 hour chart | Source: Trade View

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