Two Israeli Brothers Arrested for 2016 Bitfinex Hack

Israeli police have arrested two brothers involved in the 2016 Bitfinex hack and cryptocurrency related phishing schemes. 

Eli Gigi and his younger brother Assaf Gigi are suspected of being responsible for long-term systematic theft of cryptocurrencies by maliciously obtaining access to other users’ accounts. According to the investigation, the brothers managed to make as much as “tens of millions of dollars.”

The two created fake websites identical to those of legitimate cryptocurrency services to trick users into trying to login through them. Once they got users’ login credentials, they transferred the funds to their own wallets.

Alleged victims were mostly based out of the European Union and the United States, which resulted in the matter being investigated by multiple law enforcement agencies in several countries.

Police have been investigating the Israeli brothers since 2017 and say it the case could see new developments being unraveled soon.