120,000 Bitcoin theft

Amazon MGM Studios, an Amazon-affiliated film distribution company, has begun production on a new movie, “Razzlekhan,” which is based on the 2016 hacking of the cryptocurrency exchange Bitfinex, according to entertainment media Deadline.com. reported.

The story is based on the true story of Ilya Lichtenstein and Heather Morgan, a couple who were allegedly involved in laundering approximately 120,000 Bitcoins (currently worth 770 billion yen). The film portrays these two as the “Bonnie and Clyde of Bitcoin,” and the script is based on an article published in the New York Times in 2022.

Heather Morgan was a self-proclaimed “economist, serial entrepreneur, software investor, and rapper.” Her film’s title, “Razzlekhan,” comes from the name of her music career, and in the provocative music videos and rap songs she released, she portrayed herself as a “brave earner” and a “Wall Street crocodile.” It is praised.

The director is Hannah Marks, who is also an active actor and has won awards as a director. The film will be produced by Small Victory Productions, which is led by popular actress Lili Reinhart, and also includes New York Times’ Caitlin Lauper and Sophia Smith.

There are other stories depicting the ups and downs of the crypto industry, including the collapse of FTX in 2022, the subsequent arrest of Sam Bankman Freed “SBF”, and his connection to former Binance CEO Chao Changpeng. There are also rumors of a documentary being made.

connection:Apple wins movie rights to book about former FTX CEO Sam

How Bitinex was hacked

The main plot of the movie focuses on the couple hacking Bitfinex and stealing 119,754 Bitcoins. At the time, these Bitcoins were worth about $71 million, but by the time of his arrest in February 2022, their value had soared to more than $4.5 billion.

According to the U.S. Department of Justice, about 95,000 of the stolen Bitcoins were seized before his arrest, as well as about $475 million related to the hack.

Approximately 95,000 of the stolen Bitcoins were confiscated before his arrest. It also seized approximately $475 million more in connection with the hack.

Their main blunder was using Walmart supermarket vouchers purchased with stolen funds, which police linked to the proceeds of the Bitfinex hack, prompting further investigation. .

Before his arrest, more than 2,000 transactions were made in total, including converting Bitcoin into a highly anonymous virtual currency using a method called “chain hopping” and using a mixing service. He attempted to transfer funds between different exchanges and cryptocurrencies, but was unable to avoid being tracked by Chainalysis’s transaction analysis tools on the blockchain ledger.

Lichtenstein has pleaded guilty to money laundering conspiracy charges and faces up to 20 years in prison. Morgan has pleaded guilty to one count of money laundering conspiracy and one count of conspiracy to defraud the United States, which carries a maximum sentence of five years in prison. Sentencing will be decided by a federal district court.

When the hack occurred, Bitfinex adopted a method called “socialized loss distribution” that evenly cut approximately 36% of customers’ assets held on the exchange. To compensate for this loss, BFX tokens were distributed to customers, who were later given the option to either redeem them in full or exchange them for shares in the exchange’s parent company.

connection:Bitfinex to reimburse victims for 45 million yen illegally leaked through hacking

Bitfinex raised $1 billion in 2019 by issuing its own cryptocurrency called LEO token in order to fully pay off debt and rebuild customer trust. Customers who hold this token will enjoy benefits such as redemption from future Bitfinex profits and discounts on certain trading fees. As of January 30, 2024, the market capitalization of LEO tokens has reached approximately 5.4 trillion yen.

connection:The US Department of Justice seizes 415 billion yen worth of leaked Bitcoins from Bitfinex

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