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Blockchain

Netflix to Release Documentary on 2016 Bitfinex Hack

American subscription streaming service and manufacturing firm, Netflix Inc has announced it’s going to launch a documentary in regards to the 2016 Bitfinex hack – a monetary crime that may earn the tag as one of many greatest monetary thefts in historical past.

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In the documentary, Netflix will function a Manhattan-based couple named Ilya “Dutch” Lichtenstein and Heather Morgan, the alleged mastermind behind the hack that noticed over 120,000 Bitcoin models moved from the buying and selling platform. The worth of the stolen Bitcoin has grown from the $71 million it was on the time to over $4.5 billion right this moment, and the funds have been sitting in a pockets tackle managed by the couple.

Over the years, each Ilya and Heather have been attempting to make the most of the funds within the pockets by a sequence of sophisticated transactions that was ultimately tracked by the authorities. As reported by Blockchain.News final week, the couple has been arrested by the authorities, and so they face so long as 25 years in jail primarily based on the totally different counts of expenses relating to their offence.

The Netflix docu-series might be directed by Chris Smith and produced by govt producer Nick Bilton. The timeline for the discharge of the documentary is undefined, nonetheless, it’s billed to rank as one of many deepest investigations into crimes bordering on the nascent world of cryptocurrencies.

Crimes within the digital foreign money world are usually not unusual as buying and selling platforms like Crypto.com additionally suffered a protocol breach earlier this yr. Many regulators have typically frowned on the pseudo-anonymous nature of cryptocurrencies, nonetheless, the Bitfinex documentary will expose how transactions that occur on the blockchain can certainly be traced. 

Many of such blockchain-focused transactions have been busted up to now, nonetheless, the Bitfinex-linked arrest is a transparent case of how simple it may be for legislation enforcement brokers to comply with cash actions on the blockchain regardless of how lengthy it takes.

Image supply: Shutterstock

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