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13 Extreme Fear

Bitfinex Hack: 119,754 BTC and the $3.6 Billion Seizure

Original title: The $3.6 Billion They Never Spent

FollowTheMoneyTV 18:53 2 views on YouTube BTC −6.5%

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Summary

In August 2016, about 119,754 BTC left the Bitfinex exchange. Ilya Lichtenstein later admitted in federal court that he was the hacker, and that he and Heather Morgan laundered the proceeds. Most of the stolen coins sat in one wallet for more than five years. In 2022, the US Justice Department announced it had seized more than $3.6 billion in leftover bitcoin, calling it its largest financial seizure ever. The episode follows the trail on the public ledger, the laundering playbook admitted in court, and the off-ramps where real names appeared.

This AI summary uses the title, description and tags. It may miss context from the full video. How summaries are checked

Key points

  1. About 119,754 BTC was taken from the Bitfinex exchange in August 2016.
  2. Ilya Lichtenstein admitted in federal court that he was the hacker behind the Bitfinex theft.
  3. Lichtenstein and Heather Morgan laundered the proceeds of the stolen bitcoin, according to the admission described.
  4. Most of the stolen coins stayed in a single wallet for more than five years.
  5. In 2022, the US Justice Department said it seized more than $3.6 billion in leftover bitcoin and called it its largest financial seizure ever.

Chapters

Chapters come from the timestamps in the video description.

Questions

How much bitcoin was stolen from Bitfinex?
About 119,754 BTC left the exchange in August 2016.
Who admitted to the Bitfinex hack?
Ilya Lichtenstein later admitted in federal court that he was the hacker.
How much did the Justice Department seize?
In 2022 the Justice Department announced it had seized more than $3.6 billion in leftover bitcoin, which it called its largest financial seizure ever.

Related briefs

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