Over $8 Million Worth of Bitcoin Stolen From Binance Are on the Move

Francisco Memoria

About $8.78 million worth of bitcoin stolen from leading cryptocurrency exchange Binance earlier this year have recently started moving. Analyzed blockchain data suggests the hacker(s) are either trying to launder funds, or sending out payments to third parties.

According to CoinDesk, research conducted by blockchain analysis firm Coinfirm shows that after shuffling the stolen bitcoin in early May, the stolen funds are now on the move and have been making a series of ‘hops’ that keep on shedding value each time.

Grant Blaisdell, Coinfirm’s CEO, stated about the hack:

The attack was conducted using diversified techniques including viruses and phishing. According to Binance, stolen funds constituted approximately 2 percent of total BTC holdings of the exchange.

As CryptoGlobe covered, the hack saw bad actors steal over 7,000 BTC from the cryptocurrency exchange in one single transaction. To stop users from losing funds, Binance used its Secure Asset Fund for Users, which was established last year after a failed hacking attempt, to cover the losses.

This month, the hackers moved 1,060.64 BTC – worth about $8.78 million at press time – through various transactions that kept on shedding some BTC each time. In the first transactions we can see the hacker moved funds from wallets starting with bc1, associated with Segregated Witness (SegWit), to wallets starting with “1.”

Over the next transactions, the hackers shed hundreds of thousands of dollars worth of BTC from the main 1,000 BTC group, which could suggest they’ve been paying third parties using the stolen cryptocurrency, or are trying to cleverly launder their funds.

One of the hackers’ final transactions was of around 1,021.5 BTC – made after over 40 BTC were transferred to other wallets – and saw them move $150,000 to a separate wallet as well. This reportedly shows the hackers are actively trying to split up their funds into smaller chunks.

The wallets associated with the stolen BTC from Binance are being closely watched, which means the hackers are likely going to have a hard time cashing out, as most cryptocurrency exchanges will likely be on to them.