Cops Arrest Two Israeli Brothers In Connection To Bitfinex Hack

The popular crypto exchange Bitfinex recently fell prey to a hack attack which led to the loss of millions of dollars. Fortunately, sources have reported that the Israeli police have arrested two Israeli brothers Eli Gigi and Assaf Gigi in connection with the hack.

News publication Finance Magnates has reported a detail account of the arrest. The cops have confirmed that these two brothers have been accused of long-term systematic theft of cryptocurrencies which they perpetrated by illegally obtaining access to other users’ accounts. Interestingly, they have also been linked to the 2016 Bitfinex hack, which resulted in theft from multiple accounts.

The publication reports that the brothers allegedly came up with credential-stealing clones of prominent online cryptocurrency exchanges and wallets, whose links they then forwarded to those phishing sites on Telegram groups and other cryptocurrency forums.

This theft has resulted in losses ranging to tens of millions of dollars for the popular crypto exchange. The matter gained attention once it was discovered that the funds stolen by the brothers were only recently moved.

The police conducted a successful raid to nab the culprits and they discovered valuable evidence and information during the process. They found a wallet which contained substantially lesser funds than what the brothers are believed to have stolen during the attack. The police also reported that most of victims belong to European Union and the United States.

This is an important detail because this got several law enforcement agencies investigating the matter from different countries. Collective resources and data sharing has been monumental in the resultant arrest of the two brothers.

The scale at which this attack was mounted is a testament of the superior skills and abilities of the brothers, This makes sense once you look into Eli Gigi’s background, which reveals that he is a graduate of an elite technological unit of the Israel Defence Forces that selects youth with outstanding academic capabilities.

As BTC gains more momentum, and public intrigue increases in crypto, the industry needs to reassess its position when it comes to ensuring the security of the investors.