Two Israeli Cyber Criminals Arrested for Bitfinex 2016 Hack

Two Israeli brothers were apprehended by authorities in relation to the Bitfinex hack in 2016 and other illegal activities related to crypto, such as phishing.

According to an Israeli police spokesman, that two brothers Eli and Assaf Gigi have allegedly been suspected with the theft of tens of million dollars’ worth of Bitcoin. The police also believe that the cryptos were stolen through long-term systematic thefts trough getting access to trader’s wallets and accounts.

The report claims that the suspects set up many fake sites that mimicked those of popular crypto exchanges and wallets in order to get the personal information of users.

The brothers used Telegram and other cryptos –related forums to send the links to their phishing sites. When the users accessed the link and entered the private keys to their wallets or submitted other personal account information, the conmen used this to redirect the funds into their own accounts.

What’s more, the two criminals were also connected to the 2016 Bitfinex hack when the police discovered that multiple accounts on the exchange were compromised by them. It was also found out that they stole fewer funds than it was initially thought. No further details were given on the matter.

The investigation was hindered as many of the alleged victims came from different part of the EU and the USA, which required national cooperation of multiple cybercrime units.

In a raid conducted by the police earlier this week, they found in Eli Gigi’s house acrypto wallet. which contained “significantly lower” than the total suspected amount of the embezzlement. The raid also discovered “luxury cars” which were acquired by the two.

Eli Gigi was a graduate of the IDF, a top technological unit which recruits talented youth with academic capabilities.

The investigation, which began in early 2017, is still on-going and more details are expected to be discovered, said the authorities.

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