Coinfirm Tracks Binance’s Hacked Bitcoin, Discovers Over 1,200 BTC on the Move to New Wallets

  • Binance hack resulted in theft of 7,000 BTC after “unscheduled server maintenance” was announced.
  • This hacking marks the fourth hack of a major exchange in 2019.

Reports this week have revealed a major hacking attack against Binance, which has been called a “large scale security breach.” The attack was only found yesterday, as the hackers managed to get ahold of API keys, the 2FA codes, and possibly other user data in the process, as detailed by CEO Changpeng Zhao.

The hackers stole $41 million in Bitcoin, which was announced just a few hours after “some unscheduled server maintenance” by Zhao. Along with Binance, there have been three other major exchanges hacked already in 2019 – Cryptopia, DragonEx, and Bithumb.

Since the hacking, Coinfirm has been waiting the movements of the stolen bitcoin. Based on their data, the hacker(s) moved 1,214 BTC at 4:11am this morning to multiple addresses. Another 1,337 BTC went to “2 new addresses held by the hacker.”

The original hack happened on the evening of May 7th, pulling 7,000 from a Binance hot wallet. The withdrawal was then moved in small amounts to other wallets.

Considering how trackable all of this activity is, the Bitcoin is relatively easy to follow. However, the actual forensics on the wallets will be difficult, making it harder for investigators to figure out the individual or group that created the wallets.

The fact that the movements are going so quickly has been a subject of interest. Amy Castor, a blockchain analysis, believes that the hackers are trying to conceal what they are doing, hoping to lose the trail. Castor explained that the process of breaking down the stolen funds into smaller portions is essentially “money laundering 101.”

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