Cryptocurrency exchange Binance was hacked earlier this year in May. At the time, we had reported that the bitcoins that had been stolen were moved to 7 different addresses, with about 1,000 Bitcoins moved to each of them.
On 8th of May it was announced by Binance that they have been hacked. 7,074 Bitcoins were stolen in that attack, which were worth $42.8 million at the time of writing this article. The amount was stolen form company’s hot wallet, and it was stolen in a single transaction.
Now however, it appears that the money is being moved again. Chainalysis, which is a crypto analytics firm, stated that there are two kinds of personalities that carry out a hack- the Alpha that moves the funds out of the system and the Beta that waits until the publicity dies down.
According to news portal, LeapRate, it was speculated that, in the Binance case, it was the Beta group associated with the Binance hack. The report said, “In a typical money-laundering technique, each group would “layer” fund transfers multiple times, on average 5,000 times, before cashing in their stolen tokens.”
The news portal stated that, following the movement of the 7,074 bitcoins, the group moved around 6.5 bitcoins, which is valued at $76,000, of which $70,000 went to Kraken, with the remaining small bits going to Huobi, BitX.co, BTC-Alpha, CoinGate, and BitPay. Observers again believe the crooks are testing the various exchanges to see which ones detect and freeze these small amounts before the larger amount is layered. In any event, the smaller exchanges are unregulated and may not pose any threat of detection for the crooks.
However, the report said that the ‘loot’ went to a crypto tumbler that is located in United Kingdom. For those uninitiated, “A crypto tumbler or mixing service is a service offered to mix potentially identifiable or “tainted” cryptocurrency funds with others, so as to obscure the trail back to the fund’s original source.”
So, to cut a long story short, it appears that the 6.5 BTC is as good as gone.
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