How much Bitcoin money did Ilya Lichtenstein and Heather Morgan steal from Bitfinex and how much is it worth today

Netflix The biggest robbery of all time explores the scandalous crimes of Ilya Lichtenstein and Heather Morgan and describes how they managed to launder thousands of dollars in bitcoin money, all while living in the public eye. The Netflix documentary explores one of the most unusual and bizarre robberies in criminal history. Married couple Ilya Lichtenstein and Heather Morgan, dubbed the modern-day Bonnie and Clyde by the media, conspired to launder thousands of dollars in bitcoin money, using their skills in technology, communications and social engineering to avoid suspicion for years.

The Netflix documentary portrays how Lichtenstein and Morgan started out as a normal couple building a career in sales and technologybefore moving to New York City in 2016, where they began laundering Bitcoin. In one of several shocking revelations from The biggest robbery of all timeEven after they were detained, the couple remained active on social media, with Heather Morgan posting rap videos that contained lyrics that hinted at the true extent of their crimes. As shown in the documentary, the couple managed to steal thousands of bitcoin accounts, with some money still missing to this day.

Ilya Lichtenstein and Heather Morgan Laundered 120,000 Bitcoins

The couple stole from Bitfinex in 2016

The Netflix documentary, The biggest robbery of all time, depicts how Lichtenstein and Morgan strived to make it in the tech industry, became a couple, and moved to New York in 2016. Former friends and investigators said that the couple outwardly portrayed themselves as attention-seeking, determined and eccentric. Morgan worked as CEO and founder of Salesfolk, a cold email company; her former intern, Martin Molina, described her as “elegant“,”professional” and “well versed in what she knew about the industry.“The couple’s public persona made their involvement in bitcoin laundering a shock to investigators.

The documentary reveals how, in 2016, Lichtenstein and Morgan managed to breach Bitfinex's security protocols and gain access to the usernames and passwords of multiple accounts. TRM Labs Chief Legal Officer Ari Redford described how Lichtenstein “used automated transactions to move the stolen funds from exchange to exchange“to avoid detection. Lichtenstein and Morgan began their criminal activity by making small transactions of the stolen bitcoin to other accounts, including the now-defunct AlphaBay marketplace. Between 2016 and 2022, the couple managed to steal 120,000 bitcoins from Bitfinex accounts (through TRMLabs).

Bitcoin Money Stolen From Ilya Lichtenstein and Heather Morgan Is Worth $10.8 Billion

Investigators were unable to recover all the stolen money in Bitcoin

The Netflix documentary shows how investigators were able to trace the Bitfinex hack to Ilya Lichtenstein and Heather Morgan and were able to obtain a search warrant for the couple's Manhattan apartment on February 8, 2022. Evidence recovered from the apartment included hollowed-out books, cash in different currencies, and burner phones in a bag literally labeled “burner phones.“ The evidence was described by the correspondent, Nick Bilton, as coming from “of a spy novel, even a bad spy novel.“At the time Lichtenstein and Morgan hacked Bitfinex in 2016, the 120,000 bitcoins they laundered were worth about $72 million (via Investment Exchange).

In the documentary, it is revealed that over the next five years, until the couple's arrest in 2022, the value of stolen bitcoin rose to US$4.5 billion. The US government managed to recover bitcoin worth $3.6 billion by decrypting Lichtenstein's online files (via The Washington Post). Since Lichtenstein and Morgan pleaded guilty to money laundering and received separate prison sentences, this amount has grown to $10.8 billion (via TIME). Nick Bilton described the couple in The biggest robbery of all time as being “good at hiding stolen money,” as they managed to hide bitcoin worth US$1 billion that has still not been accounted for to this day.

Sources: TRMLabs, Investment Exchange, The Washington Post, TIME