Bitcoin Smashed on Hack News
Not long ago, news began filtering through that some previously hacked and stolen coins had been moved, sparking a sharp sell-off in the price of Bitcoin.
BTC is back near $5000 after testing highs of $5600 only recently.
As the story goes, the move today relates to some coins that were never recovered following a hack a few years ago.
Apparently, a total of 300 coins, worth around $1,650,000, have been transferred to new wallets. None of the new addresses have any previous history.
The moves today relate to a hack from August 2016, which used a weakness in Bitfinex’s muti-sig system where $73 million worth of customers’ Bitcoin were lost.
There is also a WSJ story on news of a cover-up, so plenty happening in this space today.
Today’s moves spark more concerns for users around the safety of cryptocurrencies and is not a good one for sentiment.
Watch the $5000 level closely today for any breaks.
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