Israeli police arrests brothers for alleged Bitfinex hack

At the end of the day, Bitfinex might soon get the full details of how its exchange was robbed of over hundred thousands of Bitcoin.

Authorities in Israel said they have arrested two brothers who could be behind the infamous Bitfinex hack which caused a lot of agony and fear in the digital currency community.

Eli, 31, and Assaf, 21, have been arrested for allegedly creating a phishing scheme that involved luring investors from crypto trading forums, such as Telegram or Reddit, onto websites that mimicked prominent crypto exchanges.

According to CoinDesk, the two brothers were reported to have collected traders’ login and wallet information and use it to transfer the funds stored on legitimate exchanges to their own accounts.

The entire expose and trial in court might end faster than expected as the two brothers have already confessed to alleged crimes.

Police authorities accused brothers of stealing close to $100 million of cryptocurrencies and also perpetrating the hack of Bitfinex.

In 2016, Bitfinex lost about 119,756 BTC the second largest after the hack of Japan’s Mt.Gox, which is still the largest loss of Bitcoins in history.