Binance Hackers Used Crypto Coin Mixing Service Chipmixer To Launder At Least 4,836 BTC


As you may know, Binance, the largest crypto exchange in the world, was recently hacked and it lost over 7,000 BTC. Now, the criminals were reported to have laundered at least 4,836 BTC of the stolen tokens on a crypto mixer called Chipmixer. The attack happened in May and then attackers started to launder the money in June, according to Clain, a crypto capital flow company.

The team at Clain were able to find the hackers because it is very hard to launder high quantities of Bitcoin quickly. If you have just a few tokens, it's less suspicious, but when you need to launder thousands of Bitcoin, you will, without a doubt leave a trail of some kind.

During the laundering activity, Chipmixer reported a historical high inflow of money. The abnormal volumes helped the researchers to determine that something was going on.

Clain concluded that the team tried and failed to dissociate themselves from the funds that were stolen. Despite using the mixer, most of the funds have been identified so far. 814 BTC are still waiting to be confirmed, though.

This is, partly, why the police frown on crypto mixers. These services, often known as crypto mixers or tumblers, are often used by two kinds of people: the ones who want privacy and the ones looking to cover their criminal activities from law enforcement. In fact, the government has recently cracked down on several of these sites affirming that they were used for money laundering.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide