Binance Hack: Bad Actors Are Moving Millions In Bitcoin (BTC)


You may recall that Binance has been recently hacked and the bad actors behind the horrible event are reportedly moving parts of their stolen BTC.

They are also potentially swapping the stash into other digital assets, says analysis company Coinfirm.

Back in May, hackers have stolen about 7,000 BTC worth $40 million from one of Binance’s hot wallets and since then, hackers have been moving BTC from wallet to wallet.

The Daily Hodl reported that Changpeng Zhao's first thought after the massive hack that took place can be described in a single word: “F*ck.”

He reportedly said, “I am not gonna deny it. My first reaction was: ‘F*ck!’, the second and third reactions were also the same. A few moments after that, I began to come to terms with it, ‘Well that sucks! What do we do now?”

Hackers are liquidating some of the stolen BTC

Coindesk reports, as cited by the Daily Hodl, that now hackers seem to be liquidating some of the stolen assets via various exchanges.

Grant Blaisdell, co-founder of Coinfirm said the following:

“Analysis of one of the mainchains used by the hacker in layering stolen funds shows that they were able to liquidate at least 1.8087 BTC (21,000.00 USD) on the following exchanges.”

According to the online publication mentioned above, the exchanges and amounts include the following:

  • Bitfinex: 0.7934 BTC
  • Binance: 0.4294 BTC
  • Bitmex: 0.0022 BTC
  • KuCoin: 0.0713 BTC
  • Kuna: 0.2482 BTC
  • Bitmarket: 0.2560 BTC
  • Crypterra: 0.0072 BTC
  • Bitcoin.de: 0.0007 BTC
  • WazirX: 0.0003 BTC

Hacking exchanges is productive for bad actors and the trend continues

Researchers from Chainalysis firm said that hacking exchanges represents the most lucrative crypto crime and that this trend will definitely not stop.

“We took a look at hacks that target cryptocurrency organizations such as exchanges. These hacks involve large thefts, often stealing tens or even hundreds of millions of dollars directly from exchanges.”

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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