Bitfinex Mastermind in Bitcoin Heist Giveaway

August 4, 2016 15:25 UTC

An individual claiming to be behind the recent Bitfinex (BFX) hack has announced the giveaway of 1,000 bitcoins, prompting those within the online community that this could be a money laundering scheme.

Earlier this week, the Hong Kong-based bitcoin exchange revealed that it had suffered a major security breach after 119,756 bitcoins, amounting to around $65 million, had been stolen forcing a shutdown of its website and trading.

The Reddit user, who goes by the name rekcahxfb, which spells bfxhacker backward, made the recent statement in a post that ‘one lucky winner will receive 1,000 BTC after one week from now,’ after asking people to submit their bitcoin addresses.

Speculation of Money Laundering

Of course, many have been quick to question the motives speculating that this could be a ruse for an extravagant money laundering scheme.

One Reddit user explained by saying:

Here’s what I’m guessing is happening. The person who hacked Bitfinex is now trying to launder the money. Here’s how: declare a “giveaway” where you give 1,000 bitcoin to some “random” person who posts their address on several different bitcoin forums. Post an address yourself to one of the forums. Wait a week and give the money to the address you posted. Claim the money wasn’t illegally gotten, but from this giveaway.

Another Reddit user agreed and added:

He’s going to send the money to an account he controls, so that identity can trade uninhibited, claiming it only received stolen funds instead of actually stealing them.

After the news of the Bitfinex hack, trading was suspended, and remains so, while an investigation into how the hack took place is being carried out.

Previous Problems with Bitfinex

CCN reported that Bitfinex had been experiencing problems over the past few months with a freezing of trading occurring at least twice, both of which are reported to have caused the price of bitcoin to fall by nearly $100 on each occasion.

In response to CCN questions about whether or not this was a hack, Bitfinex categorically claimed that it wasn’t in any way.

However, with the Bitfinex hack still fresh in people’s minds, it remains to be seen whether or not the hack and the problems linked to the bitcoin exchange in recent months are in any way connected.

Featured image from Shutterstock.

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