Categories: CryptoNews

Bitcoin Unlimited Team May Have Received Stolen Kraken Funds

A few months ago there was a report regarding a Kraken exchange user suffering from a minor hack. Although this news has gone by largely unnoticed, some users have been keeping tabs on the funds. As it turns out, the funds have ended up in the donation address for Bitcoin Unlimited–a coincidence, or did the hacker realize there is no way to convert the stolen funds to begin with?

Bitcoin Unlimited Receives Stolen Exchange Funds

This story dates back to July 20, 2016, a day on which a Reddit user reported

 that his Kraken account had suffered from a hack. Although it remains unclear who is behind this theft or why it occurred in the first place, the stolen funds did not move until nearly a month later. Ever since August 18, the funds has been moving between different Bitcoin addresses.

One Reddit user conducted a thorough taint analysis that follows some of the stolen funds. It is important to note that this analysis contains the address allegedly stolen from and the address these stolen funds were sent to. Despite the hacker using so-called Bitcoin mixing services, it is still possible to trace back some of the transactions.

The result of this taint analysis is rather surprising, as some of the funds ended up in the donation address belonging to the Bitcoin Unlimited project. That is very surprising, to say the least, as the developers have received an official grant to conduct their development of this alternative Bitcoin fork.

Related Post

What is even more interesting is how the Bitcoin Unlimited address received close to half a million in BTC on the same day, and it was mixed in a very similar manner. While this may be a pure coincidence, there are very few completely unrelated events in the world of Bitcoin and cryptocurrency.

All of this does not necessarily prove that something illicit has been going on. It is possible that somebody sent funds from Kraken to the Bitcoin unlimited donation address and then reported it as “stolen” funds. It creates an interesting investigation, though, which may yield some surprising results in the end.

Image credit 1

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

2 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

2 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

3 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

3 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

7 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

8 hours ago