Binance Hack Attacker Moves Stolen Bitcoin To Seven BTC Wallet Addresses


Binance Attacker Moves Stolen Bitcoin To Just Seven Addresses

The cryptocurrency exchange Binance was hacked a few days ago and lost 7,074 Bitcoin (BTC) worth $40 million at the time of the attack. The hacker seems to be moving the fund to other addresses in an attempt to withdraw or obfuscate the funds that it gathered from different users at the exchange.

Binance Hacker Moves Bitcoins To Seven Different Addresses

The attacked decided to move the funds to 44 different addresses, 21 of them were native Segregated Witness (SegWit) addresses, which received 99.97% of the funds. According to a recent report released by The Block, Each of these addresses holds an equal amount of BTC with the exception of one that holds 707.1 BTC. The remaining wallets have 1,060.6 BTC each and two of them are P2PKH addresses.

Changpeng Zhao, the CEO of Binance and founder of the platform, addressed the community and talked about the hack that the company experienced. He has also talked about the possible solution and announced that the exchange will use SAFU Fund’s money to cover the funds lost.

As another report released by The Block explains, the all-time funds stolen from cryptocurrency exchanges surpassed $1.35 billion. 59% of these funds were stolen just in 2018 alone. Coincheck and BitGrail were two of the three largest hacks ever experienced by the market.

Although the number of exchanges hacked stays the same year after year, the number of funds stolen tended to increase as time passed. The worst years were 2018 and 2014, followed by 2016 and 2019.

The Block explains that there have been 42 exchanges hacked and some smaller hacks have not been reported. Twenty of these hacks resulted in the loss of less than $1 million.

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