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 <p class="is-style-lead">Ilya Lichtenstein, a <a rel="noopener noreferrer nofollow" title="resident" href="https://thebittimes.com/tag/resident.html">resident</a> of New York, has confessed to his involvement in the laundering of stolen Bitcoin worth $4.5 billion that was taken during the 2016 Bitfinex hack.</p> 
 <p>This is a significant development as the hacker’s identity was previously unknown.&nbsp;</p> 
 <p>Despite doubts about the couple’s capacity for orchestrating such a crime, blockchain records revealed a clear trail from Bitfinex to a wallet found in Lichtenstein’s possession by authorities.&nbsp;</p> 
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 <p>In February 2022, the U.S. Department of Justice (DoJ) seized a significant amount of stolen Bitcoin after making arrests. This action marked the&nbsp;biggest&nbsp;asset forfeiture operation that the department has ever conducted.</p> 
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  <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="Did This Couple Launder Billions of Dollars in Bitcoin?" width="1020" height="574" src="https://www.youtube.com/embed/BieRlsG44Bg?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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 <p>While Lichtenstein has pleaded guilty, the couple has yet to be charged with the cyberattack.</p> 
 <p>The guilty plea comes seven years after Bitfinex was hacked.&nbsp;</p> 
 <p>Federal law enforcement and prosecutors worked for six years to find stolen funds. They discovered that most of the money was still in a wallet and hadn’t been used.</p> 
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 <p>The investigation traced the movement of the currency from the wallet to the traditional banking system, leading to the identification of the suspects.&nbsp;</p> 
 <p>The incident highlights the challenges of laundering cryptocurrency, as the transactions are permanently recorded on the blockchain. Despite the frequent occurrence of crypto hacks, identifying the perpetrators provides a sense of security that bad actors can be held accountable.</p> 
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New York resident confesses to hacking Bitfinex in 2016

TheBitTimes

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