Binance Hackers Are Slowly Cashing Out Their Millions

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Tue, 07/16/2019 - 15:52
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Alex Dovbnya
Hackers are sending some of the stolen funds back to Binance (only to liquidate them)
Binance Hackers Are Slowly Cashing Out Their Millions
Cover image via U.Today
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According to cryptocurrency outlet Coindesk, which obtained data from Blockchain startup Coinfirm, the hackers who pilfered a whopping $41 mln from the Binance exchange back in May have started transferring their riches to cryptocurrency exchanges.

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Stepping on Binance’s turf

So far, they’ve managed to liquidate only $21,000 while the lion’s share of stolen coins remains on a slew of wallets. The hackers used some global and local exchanges for cashing out their BTC.

  • 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

Considering that the hackers operate millions of dollars, these sums seem very meager, but it seems like they are taking small steps. Transferring more money usually requires ID verification.

Ironically, the second biggest among of Bitcoin (0.4294 BTC) was sent to Binance, the very exchange that suffered the hack.

As reported by U.Today, right after the hack, Binance CEO Changpeng Zhao floated the idea of Blockchain reorganization to recover all missing funds, but it received a strong backlash from the cryptocurrency community.

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Catch me if you can

Due to the anonymous nature of crypto, it would be very challenging to find out the identities of those who pulled off the sophisticated security breach. That explains why those who were involved in high-profile exchange hacks were never caught.

For instance, the US government only managed to recover 22.66 BTC after 744,408 BTC was stolen from the Bitfinex exchange back in 2016.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.