Wednesday, October 5, 2022

Netflix to Release a Documentary to Probe the Bitfinex 2016 Hack

American video streaming service and production company, Netflix Inc, has announced it will be releasing a documentary series to probe a New York-based couple embroiled in the laundering $4.5 Billion worth of Cryptocurrency. The announcement was made on the 12th of February, just three days after the couple was arrested as the mastermind behind the Bitfinex hack in 2016.

Netflix will feature the Manhattan-based couple named Ilya “Dutch” Lichtenstein and Heather Morgan, the major persons of interest behind the laundering of over 120000 Bitcoin units in the wake of the hack.

The streaming service company noted that as the value of the stolen Bitcoin increased from $71 million at the time of the theft to almost $5 billion, the couple had tried to liquidate their crypto account by changing their identities online, generating accounts online, purchasing real gold, as well as Non-fungible token(NFTs).

For the last five years, almost 25,000 of the stolen Bitcoins have been moved out of Lichtenstein’s wallet via a complicated money laundering process that involved placement, layering, and integration. A few of the funds were transferred into an account monitored by the couple according to the press release published by the United States Department of Justice (DoJ).

In a briefing on Tuesday, the DoJ confirmed that if found guilty, the couple could be jailed for about 25 years for their alleged conspiracy to launder $4.5 Billion in stolen cryptocurrency from the 2016 Bitfinex hack.

Despite the crypto ecosystem playing host to a growing number of cybercrime, the couple’s case received a major media hype as it ranks as one of the largest financial thefts in history. The DOJ also affirmed the seizure of $3.6Billion in BTC from the couple at the time of arrest, coming off as the biggest financial seizure in the department’s history.

The docu-series will be directed by Chris Smith who doubles as the executive producer of “The Greatest Party That Never Happened” alongside Nick Bilton, the executive producer of “Fake Famous” etc, Netflix Says.

Cryptocurrency crimes have risen by the day, as trading platforms like the Qi Dao protocol have suffered a security breach earlier this year. Several organizations are not pleased with the way users fake their identity in the crypto world, however, the Bitfinex documentary will bring to light how easy it is to trace transactions that are carried out on blockchain regardless of the time length of time it takes to uncover the mishap.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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