Netflix Announces Documentary Series On Bitfinex Hack

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The Bitfinex hack worth nearly 120,000 BTC has caught the attention of Netflix. The streaming giant has ordered a documentary series about the couple’s alleged scheme to launder bitcoin that amounted to 72 million dollars at the time of the hack in 2016. 

Reportedly, Chris Smith, known for FYRE: The Greatest Party That Never Happened and Tiger King, will direct the series. Nick Bilton will join him in executive production. 

Gripping money laundering scheme

The US Department of Justice arrested Ilya “Dutch” Lichtenstein and Heather Morgan last week in connection with the Bitfinex hack of 2016 and seized a record sum of over 94,000 BTC. The security breach was a stain on the booming crypto industry during the time. In the next few years, the value of the stolen assets climbed to around $5 billion. 

In an attempt to cash in on the momentum, the New York-based couple created a complex system of fictitious identities, exchange accounts, automated transactions, privacy coins, and US-based business bank accounts, which ultimately helped investigators track the crime. Funds worth approximately 25,000 BTC made their way into Lichtenstein’s and Morgan’s personal financial accounts. Lichtenstein’s personal key which had access to the remaining funds was later found. They were charged with conspiracy to commit money laundering and conspiracy to defraud the United States. 

A sentence of up to 25 years in prison awaits the couple if the charges are proven to be true. The investigation was led by a team including Deputy Attorney General Lisa Monaco. She was earlier involved in a task force that helped the DoJ recover bitcoin worth 2.3 million USD connected to the Colonial Pipeline ransomware attack. A German police department also joined the team to unearth the crime. 

While the hack will definitely make for a great watch, more details are yet to be announced.