Binance Hackers Move $8 Million Worth of Bitcoin

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Binance hackers are moving stolen funds from the recent Binance hack. Two transactions coming from one of the hacker’s wallet were tracked on July 8, 2019. The transactions had a combined value of over $8 million – nearly 10 percent of the digital loot.

Hackers Juggling the Virtual Loot

As bitcoin surges over the $12,500 mark, popular Twitter account Whale Alert has tracked two movements of Bitcoins stolen from popular exchange Binance earlier this year.

The two suspicious Bitcoin transactions, for 707.1 BTC and 1 BTC had combined value of over $8 million dollars and were sent to a separate pair of addresses:

On May 7, 2019, Binance suffered multiple coordinated cyber attacks that allowed the hackers to run away with a bag of 7,000 BTC worth over $40 million at the time. Funds are now worth around $83.5 million.

Hackers performed a string of seemingly independent actions that managed to bypass Binance’s artificial intelligence (AI) security system built specifically to identify suspicious trading activities. The 7,000 BTC were withdrawn in a single transaction and when the alarm went off it was already too late to take significant action to stop the robbery. The hackers managed to access one of Binance hot wallets containing nearly two percent of the exchange’s total BTC holdings. The rest, which is safely stored in a cold wallet, have been unharmed by the attack.

As a consequence of the sophisticated theft, Changpeng Zhao (CZ), Binance CEO, publicly floated the idea of rolling back bitcoin which attracted many critics from the Bitcoin community and forced CZ to abandon the idea shortly after proposing it. Binance then announced that no user would have undergone any financial distress as the loss has been entirely covered by the company Secure Asset Fund for Users (SAFU).

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From May 8, 2019, according to Chainanalisys, the hackers started moving systematically the stolen BTC in an intricate series of strange transactions. Hackers initially moved all the 7,079 stolen BTC to 19 addresses which were transferred to only seven addresses.

(Source: Chainalysis)

Hackers are likely moving the funds in the attempt to draw the investigations off the scent.

However, the whole crypto industry is keeping an eye on those Bitcoin addresses, which are likely to be hunting a way to transfer the money to an exchange in order to launder and cashout the digital loot.

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