More

    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 Free Email Updates!

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

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Hank Klinger
    Hank Klinger
    Hank Klinger has been working online for seven years now. He has written for several national companies. Hank has been a part of our team for over three years, reviewing ICOs, new cryptocurrencies and helping us keep up to date with industry news. His primary knowledge is in marketing, sales, and advertising, and he uses that knowledge to research and pick out reliable sources of information to use as a basis for his writing.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,352FansLike
    2,771FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    44% Think Bitcoin's in a Bull Market & Alt-Season Will Occur in 2020: Kraken Survey

    In the currently unstable environment where industries are laying off, cryptocurrency exchange Kraken is on a hiring spree as it moves ahead to expand...

    Bitmain Releases Antminer E3 Firmware Update to Keep It Mining ETH Till October

    Mining hardware firm, Bitmain, set to extend the durability of its once “most powerful Ethash miner” from April to October 2020. The mining firm...

    Tether Prints over a Billion USDT in March, Rising Demand or Exchange Run?

    We are about to end March, a month that saw the price of bitcoin hitting $3,850 and ready to end the quarter with over...

    Bitcoin Beating Gold But What will Hold its Value Better in Five Years?

    The price of bitcoin is currently trading in the green by 2.34% as it trades around $6,450. Although down 11.89% YTD and about 34%...

    Lightning Labs New LSAT Protocol Promises To Do Away With Usernames And Passwords

    A statement from Lightning Labs CTO, Olaoluwa Osuntokun, revealed the specs of the Lightning Service Authentication Tokens (LSAT) which is expected to act as...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.