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.

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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

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