The hackers who stole 7,000 BTC from Binance continue to distribute funds to wash and disguise the Bitcoins’ connection to the hack. The news about that hack has been covered by the international crypto sites like http://www.rosarionet.com.ar/.
Here you can read the latest report on the movement of these coins from the analytics company Coinfirm. In May, the world’s largest crypto currency exchange experienced its first major security breach when hackers were able to steal 7,000 Bitcoins worth over 82 million dollars. Binance fully covered the losses from the hack via the “SAFU” fund.
After the hack, large stock exchanges reacted and blacklisted the stolen funds. Coinbase, Poloniex, Kraken and Huobi would freeze the funds if hackers deposited them directly into accounts on the stock exchanges. To circumvent these controls, hackers continue to move the funds in an elaborate chain of transactions to hide their connection to the hack. It has been a huge shock to many investors.
Grant Blaisdell, co-founder and CMO of Coinfirm, a block-chain analytics company that provides anti-money laundering (AML) and customer identification (KYC) services, provided the following information about the movement of funds:
Small amounts of BTC were sent to six exchanges in the following quantities to test whether they were detected and frozen:
- Octopuses: 5,9851 BTC
- Huobi: 0.1259 BTC
- BitX.co (Luno): 0.2987 BTC
- BTC Alpha: 0.0439 BTC
- CoinGate: 0.0089 BTC
- BitPay: 0.0009 BTC
We asked the stock exchanges for their opinion on these illegal deposits, but we have not yet received any replies. ut the biggest recipient of funds was ChipMixer, a so-called Bitcoin tumbler that mixes hundreds of transactions to disguise the origin of the funds. At least 6,4634 BTCs were sent to the mixer’s addresses – worth about $76,000 at the time of writing.
As many smaller exchanges are located in unregulated jurisdictions, it is unlikely that these funds will have too much difficulty on their way to Fiat and other hard to track crypto currencies such as Monero and Zcash.