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Two brothers from Israel hacked Bitfinex

Redwan Eid | Jun. 24, 2019
Two brothers from Israel hacked Bitfinex

June 24, 2019 | AtoZ Markets - The investigations carried out into the incident of hacking the cryptocurrency exchange Bitfinex, that took place at the beginning of the month, lead to that Israelis stood behind it, as resources unveiled today.

Eli Gigi and his younger brother Assaf Gigi have stolen tens of millions of dollars in cryptocurrencies as the Israeli Police confirm, after both of them created “credential-stealing clones” of prominent cryptocurrency exchanges and wallets, and sent the links of their fake exchanges to the cryptocurrency wide community on online groups like Telegram and other sites known of being used for cryptocurrency-related talks exchange.

The Israeli brothers, who are now suspected of many other hacking incidents of cryptocurrencies, managed to gain access to many user accounts on the exchange, through their malicious code.

They might be behind the 2016 Bitfinex hack

As per the investigations today, the brothers, whom one of them is a graduate of an elite technological unit of the Israel Defence Forces, might also be liable for the 2016 Bitfinex hack that yielded in many accounts being compromised.

The investigations also unveil that most of the victims are based outside the United States and the EU, the thing that took the electronic investigations in collaboration with by multiple law enforcement agencies further in other countries to track the hackers.

In a raid the conducted, the Israeli authorities put their hands on cryptocurrency wallets. However, the funds the wallets showed were much less than the lost amounts reported.

It is worth reminding in that context that the well-known internet browser Firefox underwent a security threat recently, the thing that was reported to have helped hackers target victims in many areas worldwide, for different purposes.

The technical zero-day security flaw opened the door to hackers to gain access to the cryptocurrency exchanges and wallet service Coinbase, including their staff’s accounts.

On his turn, the exchange’s security researcher Philip Martin commented against the background of the hack Coinbase underwent, that his exchange was not the only one that was compromised, and that the technical staff’s investigations do not show yet that customer accounts were affected.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.