Cryptocurrency Cyber Crime News

NYC Couple Admits to Money Laundering in Massive Bitfinex Hack

A New York City couple has pleaded guilty to money laundering charges in connection with the 2016 hack of cryptocurrency exchange Bitfinex, which resulted in the theft of approximately 120,000 bitcoin. The husband used advanced hacking tools to gain access to Bitfinex's network and fraudulently authorized over 2,000 transactions, transferring the stolen bitcoin to a wallet under his control. The wife assisted in laundering the proceeds through various methods, including setting up online accounts with fake identities and exchanging bitcoin for gold coins and other cryptocurrencies. A significant portion of the stolen funds was moved to the now-defunct darknet market AlphaBay, and later converted to fiat currency and purchased gift cards. The couple faces potential prison sentences of up to 20 years and 10 years, respectively.