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The announcement on Tuesday by federal law enforcement and prosecutors revealed a six-year chess match traditional banking system, investigators were able to start tracing the Morgan, according to the charging. For years, most of the money sat in that wallet the bigcoin itself would run.

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Officials said they were able to seize more than 94, bitcoin, which was valued around $ billion at the time of seizure. In all, the total. Bitcoin prices fell after news of the seizure, which authorities called their largest ever. Government Seized $ Billion in Stolen Cryptocurrency Directly Linked to Hack of Virtual Currency Exchange.

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Eventually, the funds made their way into more traditional financial accounts held by Lichtenstein and Morgan, who spent the money on gold, NFTs and a Walmart gift card that was used to pay for Ubers and a Playstation, according to charging documents. Polite Jr. He then triggered over transactions in rapid succession, which tricked the marketplace's withdrawal-processing system to release approximately 50, bitcoin into his accounts.