Feb 29, 2024

US Government Transfers $922 Million in Seized Bitcoin Following Record-Breaking BTC Price Surge

The US Government Transfers $922 Million Worth of Bitcoin from Seized Wallets The US government has recently made a major move in the world of cryptocurrency, transferring a staggering $922 million worth of Bitcoin from two wallets that held funds seized from the Bitfinex hack in 2016. This transfer occurred on the same day that…

US gov’t moved $922 million of seized Bitcoin after BTC price broke $60,000

The US Government Transfers $922 Million Worth of Bitcoin from Seized Wallets

The US government has recently made a major move in the world of cryptocurrency, transferring a staggering $922 million worth of Bitcoin from two wallets that held funds seized from the Bitfinex hack in 2016.

This transfer occurred on the same day that Bitcoin (BTC) reached an all-time high of over $60,000 on February 28th. In the 24 hours leading up to 9:45 pm UTC, Bitcoin rose by 5.52%, reaching a trading price of $62,507. This marks a 20% increase in value over the past week.

The first transfer, which was worth 1 Bitcoin (equivalent to $60,200 at the time), took place at 3:39 pm on February 28th. This was followed by a second transfer of 2,817 Bitcoin (worth $172.74 million), a third transfer of 0.01 Bitcoin ($613.35), and a fourth transfer of 12,267 Bitcoin ($748.46 million), according to data from Arkham Intelligence.

The US government seized these funds in 2016 after the infamous Bitfinex hack, which resulted in the loss of approximately 119,754 BTC, worth over $7.4 billion at today’s prices.

The Rise of Web 3.0 and its Impact on Cryptocurrencies

Web 3.0, also known as the “decentralized web,” is quickly gaining traction and disrupting traditional industries. This shift towards a more decentralized and user-controlled internet has also had a significant impact on the world of cryptocurrencies.

One of the most notable events in the crypto world in recent years was Tesla’s AI Day, where the company announced its plans to build a decentralized AI network powered by cryptocurrency. This further solidifies the integration of Web 3.0 and cryptocurrencies, as more companies and industries recognize the potential of this technology.

In addition, major financial institutions such as JP Morgan are also starting to explore the world of cryptocurrencies and blockchain technology. This further validates the potential of Web 3.0 and its impact on the future of finance.

The Future of Cryptocurrencies and Web 3.0

The recent surge in the value of Bitcoin and other cryptocurrencies is a clear indication of the growing interest and adoption of Web 3.0. As more companies and industries embrace this technology, we can expect to see even more advancements and innovations in the world of cryptocurrencies.

With the rise of Web 3.0, we are entering a new era of the internet and finance, where decentralization and user control are at the forefront. The possibilities are endless, and the future looks bright for both cryptocurrencies and Web 3.0 as they continue to evolve and disrupt traditional systems.

Hacker Steals $4.5 Billion in Bitcoin from Bitfinex Exchange

In a massive Bitcoin heist, hacker Ilya Lichtenstein managed to steal and launder over $4.5 billion from the Bitfinex exchange, one of the largest cryptocurrency thefts in history.

Lichtenstein revealed in court that he had access to Bitfinex’s systems for several months, as well as hacking individual accounts at other exchanges like Coinbase and Kraken. This information came to light a day after Lichtenstein appeared in a Washington court and detailed the steps he took to pull off the heist.

Arrested in February 2022, Lichtenstein and his rapper wife, Heather Morgan (also known as Razzlekhan), were accused by the U.S. government of conspiring to launder $4.5 billion in hacked Bitcoin. In the largest financial seizure to date, the government was able to seize $3.6 billion. An additional $475 million worth of Bitcoin was seized on August 3, 2022.

In August 2023, Lichtenstein and his wife pleaded guilty to money laundering conspiracy in connection with the Bitfinex hack. The couple’s story has caught the attention of Amazon, who is reportedly working on a movie about the infamous money launderers. The script is said to be inspired by a 2022 article in The New York Times, which dubbed them “Bitcoin’s Bonnie and Clyde.”

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