The 120,000 Bitcoin Bitfinex Heist to be Turned into a Netflix Documentary


The world of cryptocurrencies, particularly in its earlier years, had a popularity of being the taking part in floor of hackers and varied malicious entities. And whereas this has modified to an enormous diploma previously few years and the sphere obtained huge recognition and regulatory readability, the ghosts of its previous stay.

One of the crucial notorious Bitcoin hacks happened again in 2016 when somebody stole roughly 120,000 BTC from one of many largest cryptocurrency exchanges – Bitfinex. Now, given every part that has occurred since Netflix desires to show it right into a documentary.

Let’s dive in.

It’s 2016, Bitfinex Will get Hacked for 120,000 BTC

Again in August 2016, the cryptocurrency world, albeit a lot… a lot smaller on the time, skilled considered one of its main shakedowns when information broke out that Bitfinex noticed 119.756 BTC being stolen from its platform. Again then, the quantity was value roughly $66 million.

Though the Mt. Gox hack was proportionally greater, this stays one of the vital critical monetary crimes in trendy historical past, given the meteoric rise of BTC’s worth up to now. On the time of this writing, the 120K BTC is at the moment value over $5 billion.

In any case, the theft sparked huge confusion and frustration. The supply of the vulnerability seemed to be in the best way the alternate structured its accounts, utilizing the BTC pockets supplier BitGo which added yet one more layer of safety for the transactions.

Quick Ahead to 2022: The US DoJ Arrests a Couple

Only a few days in the past, on February eighth, CryptoPotato reported that the US authorities, within the face of the Division of Justice, arrested Ilya Lichtenstein (34) and Heather Morgan (31). The DoJ accused them of conspiring to launder 119,754 BTC after an attacker stole them by over 20,000 unauthorized transactions from Bitfinex within the above heist.

Now, an important clarification right here is that the couple isn’t accused of really orchestrating the hack however relatively of making an attempt to launder the cash stolen by it. This, amongst some downright ridiculous circumstances, led many to imagine that they don’t seem to be accountable for the hack.

Talking of weird occasions, a easy instance could be that the authorities declare they discovered the personal keys to the BTC fortune saved on a, get this, a cloud service. That’s proper – the accused saved the personal keys to 120K BTC on what might simply have been Google Cloud. To the uninitiated, preserving your personal keys on an offline medium always is among the (if not the) most essential safety ideas that anybody getting into the sphere of cryptocurrencies ought to comply with. For some extra safety suggestions, check out our intensive information.

All issues thought of, the drama surrounding the occasions appears to have caught the eye of the streaming behemoth – Netflix.

Netflix Needs to Flip it right into a Documentary

A press launch from February eleventh reads that:

Netflix has ordered a documentary sequence a few married couple’s alleged scheme to launder billions of {dollars} value of stolen cryptocurrency within the largest prison monetary crime case in historical past.

To be honest, that’s positively not the “largest prison monetary crime case in historical past.” As we talked about above, the Mt. Gox hack noticed BTC value round six occasions that stolen.

In any case, the documentary is about to be directed and produced by Chris Smith and Nick Bilton.

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