Part 1: The $12.8 Billion Bitcoin Heist Begins
In 2016, amidst the hustle and bustle of New York City, an unassuming couple carried out what would become one of the most daring crypto crimes in history. Ilya Lichtenstein and Heather Morgan, a pair whose names are now infamous, executed a plan so calculated and audacious that it left the world of cryptocurrency reeling.
Their target? Bitfinex, one of the largest cryptocurrency exchanges globally, trusted by millions. With unparalleled precision, they hacked into the platform and siphoned off 119,756 bitcoins from user accounts. Back then, the loot was worth $72 million, a jaw-dropping sum. But as Bitcoin's value skyrocketed over the years, their haul grew to an unimaginable $12.8 billion.
It wasn’t just the theft that stunned the world; it was how they did it. Bitfinex used a sophisticated multi-signature wallet system, requiring approvals from both Bitfinex and BitGo for any transaction. Yet, Ilya and Heather bypassed this supposedly foolproof security. Their digital heist was like discovering a cheat code to a billion-dollar vault, a feat so bold it caused Bitcoin’s value to nosedive by 20% in just one day.
But stealing was only the first step. The duo meticulously covered their tracks, erasing access credentials, deleting log files, and leaving no digital trace of their presence. They became virtual phantoms, invisible even to the cutting-edge technology designed to detect breaches.
The aftermath was chaos. Bitfinex froze all trading, withdrawals, and deposits, sending shockwaves through the market. Trust in the platform faltered as Bitcoin holders watched in disbelief. For Ilya and Heather, however, the game was far from over.
💢 part 2 in my channel 💢
