The Bitstamp coins are once again on the move from the initial wallet used to store the stolen coins.

The ongoing situation regarding the Bitstamp exchange has been a widely documented event. Occurring less than a week ago, the exploit has seen over 19k coins being stolen from compromised wallets belonging to Bitstamp. With users currently seeing their deposits stuck or essentially frozen and not being credited to their accounts, the situation reached a point where the entire service being pulled from the web till a fix can be put into place. More on the hack and further details can be found on our previous article.

Well the Reddit community has paid particular attention to the movement of the stolen coins. So far it has been confirmed the 19k haul has been moved from the primary address which was used by the hacker to store over $5million. Further down the line it has been brought to our attention the Bitcoins are once again on the move to various other address displayed in the image below. The image provided by Reddit user “Creationlayer”, displays how the coins have been moved from address to address in an attempt to obfuscate the origins of the coins.

The movement of many of the coins has been associated to a certain IP adress from Sweden. Investigations into the address perpetrating the transfers revealed most were broadcasted from the country. However this IP may not reveal the exact location of the attacker as the IP may simply be the first IP that saw the transaction. The IP may also be a simple mixing service put to use by the hacker but the significance of it has been highlighted by the fact it is implicated with several of the transactions involving stolen Bitcoins.

With the coins being located many customers who had their deposits redirected to the address can now keep track of the movements occurring with their Bitcoin. The nature of the Bitcoin network and the fact transactions are irreversible has put a dent into many users hopes of receiving their Bitcoins back. However the exchange has released a statement that many of the coins are insured with the vast majority of the users remaining safe as coins will be in cold storage or be reimbursed.

Speculation, the future of Bitstamp

Many believe the recent Bitstamp attack may have been perpetrated by insiders. In the wake of last market manipulation attempt by the bots operating on the MtGox exchange, many fear that the same may be in the works. With some describing the exchange as a Gox, only time will tell what the reopening of the exchange will bring. With a trail run held for around 24 hours the exchange was taken offline again with promises of it coming online within 24-48 hours given.

In other news possibilities of the coin being stolen by Adam Guerbuez have also risen. Users on Reddit pointed out how the 873 million dollar man warned of “big news” regarding the exchange shortly before the hack. Fluke or truth, for more news regarding the Bitstamp crisis stay tuned to BTCFeed. Follow us on twitter @btc_feed