As the US Seizes $3.6B in BTC, a Frontline Story From the 2016 Bitfinex Hack, With Zane Tackett

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 10 February 2022

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo, Arculus, FTX US and MELD.com. Yesterday the U.S. government arrested two individuals in connection with money laundering and the 2016 Bitfinex hack that saw nearly 120,000 BTC stolen. They also announced the confiscation of around 94,000 of the purloined BTC - worth about $3.6 billion today. On today’s episode, NLW is joined by Zane Tackett, who was the director of community and product development during the Bitfinex hack in August 2016. Zane shares what the experience was like and his perspective on how the industry has changed. Find our guest on Twitter: @tackettzane - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 18% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer, and more secure solution to store, send, receive, buy, and swap your crypto. Buy now at getarculus.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - MELD is building the first-ever decentralized, non-custodial crypto to fiat lending and borrowing solution that will allow its users to lend and borrow both crypto and fiat currencies seamlessly. Users can stake MELD directly on the MELDapp, which will allow for governance voting for new protocol improvements, insuring the protocol, and earning up to 15% APY in MELD rewards. Start using MELD today at app.meld.com. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Vision” by OBOY. Image credit: wenjin chen/DigitalVision Vectors/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	And I was like, all right, where are we at?
0:01.7	How much did we lose?
0:02.6	Like, how bad is this?
0:04.6	And he was like, yeah, 119,756 Bitcoin and just, oh, man.
0:11.0	Yeah, it just shook my world.
0:15.0	Welcome back to The Breakdown with me, NLW.
0:19.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:24.9	The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.
0:32.6	What's going on, guys? It is Wednesday, February 9th, and today we are talking about this crazy court case.
0:41.8	The U.S. government has seized $3.6 billion worth of Bitcoin connected to the 2016 BitFinex hack,
0:49.6	and it's all everyone is talking about.
0:52.9	Today we're going to have a conversation with someone who is in a first-person position
0:57.1	to see that all go down back in the day.
0:59.9	But first, if you are enjoying the breakdown, please subscribe, rate, and review the show,
1:04.3	and then go check out our Breakers Discord.
1:07.2	It's the place where all the conversation about the show happens,
1:09.8	and you can find the link in the show notes or go to bit.ly slash breakdown pod.
1:14.7	Also, a disclosure. In addition to them being a sponsor of the show, I also work with FTX.
1:20.5	And one more thing before we get into today's crazy show. This week, I am thrilled to have an extra special sponsor in Meld. If you've ever
1:29.4	wondered how the rich are able to spend their money and still stay rich, it's because they borrow
1:34.3	against their assets. Meld is creating a protocol that can be used by anyone, and which
1:39.2	offers this exact service, but in a decentralized way. Users of Meld's protocol will be able to borrow dollars,
	...

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