Coinfirm Report: $6M in BTC From 2019 Binance Hack on the Move; Scammers Using Hops to Hide

  • As per the estimation of a number of crypto experts, the hackers responsible for the recent Binance attack have made a “concerted effort” to split the existing wallets into smaller chunks.
  • It is being reported that the aforementioned hacking scandal cost Binance upto 2% of its total Bitcoin reserves.

According to a report released earlier today, hackers who stole nearly $6 million worth of Bitcoin from Binance are now accessing the funds and moving them across various wallet destinations located all over the world.

On the subject, Grant Blaisdell — the Co-Founder and CMO of Confirm — stated that the above mentioned attacks were carried out by various third-party actors via a host of sophisticated techniques that included the use of viruses and phishing tactics. Additionally, Blaisdell also confirmed that around 2% of Binance’s total BTC holdings were compromised due to the attack.

He then went on to add:

“Binance used its SAFU fund to cover for its losses. The Secure Asset Fund for Users was established on July 14, 2018 and consists of 10 percent of all trading fees.”

According to the folks over at Coinfirm, the miscreants were able to move 1,060.65 BTC (approx. $6,148,122.40) via a number of hops that resulted in a small value dip each time a tx took place.

Exactly a week back — on the 7th of June 2019 — the hacking team (responsible for the attack) reportedly moved more than $6 million worth of funds to a defined digital destination.

Similarly, another transaction saw the hacking team transfer 1,040.95915580 BTC ($8,242,840.00) into a new wallet — thereby shedding $155,861.00 into a different cold storage solution.

The final hop which took place recently saw 1,021.5 BTC ($8,089,010.00) move into the following wallet address.

The fact that the aforementioned wallet addresses are now being tracked by various watchdog associations will make it extremely difficult for the hackers to liquidate their illegally procured funds (i.e. convert their crypto into fiat).

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