Netflix Announces Documentary Series on Bitfinex Bitcoin Fraud

  • Few stolen Bitcoins have been moved out of the wallet over the last five years.
  • If convicted, the pair faces up to 25 years in jail.

Netflix has scheduled a documentary series on the largest-ever crypto fraud after the seizure and recovery of over 94,000 Bitcoins worth $3.6 billion this week by a US-based entrepreneur couple from Bitfinex.

A couple of days back, Lichtenstein and Morgan were charged with conspiring to launder over 120,000 Bitcoins connected with a 2016 cyberattack on Bitfinex currency exchange. If convicted, the pair faces up to 25 years in jail on allegations of conspiring to launder money and defraud the United States government.

‘The Greatest Party That Never Happened’ and ‘Tiger King’ director Chris Smith, together with executive producer Nick Bilton of ‘Fake Famous’ and ‘The Inventor: Out for Blood in Silicon Valley,’ will direct Netflix’s new documentary series.

The company said:

“Netflix has ordered a documentary series about a married couple’s alleged scheme to launder billions of dollars worth of stolen cryptocurrency in the biggest criminal financial crime case in history.”

$71 Million to Roughly $5Billion Today

By establishing bogus identities and online accounts and purchasing actual gold, NFTs, as well as other assets, the pair reportedly sought to unload their digital money as the value of the stolen Bitcoin surged from $71 million at the time of the breach to roughly $5 billion.

Some of the stolen Bitcoins have been moved out of Lichtenstein’s wallet over the last five years through a sophisticated money-laundering mechanism that ended up depositing some of the stolen cash into Lichtenstein and Morgan’s bank accounts. In the wallet used to accept and hold criminal earnings from the breach, more than 94,000 bitcoin remained, claimed the Department of Justice (DoJ).

The post has appeared first on thenewscrypto.com

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