Recent Update on Binance’s $40 Million Hack: $8 Million Worth of Bitcoin (Over 700 BTC) Moved
In May of this year, successful and growing cryptocurrency exchange, Binance lost $40 million in Bitcoin [BTC]. This forced the CEO, Changpeng Zhao to retort to his social media accounts to answer any questions regarding the matter in a swift manner.
As previously reported by Coin Desk, a month after the hack, a company called Coinfirm was able to track outflow of assets in established hacker wallets. The Co-Founder of Coinfirm, Grant Blaisdell was quoted saying,
“The attack was conducted using diversified techniques including viruses and phishing. According to Binance, stolen funds constituted approximately 2 percent of total BTC holdings of the exchange. In order to prevent user’s funds from being affected […] Binance used its SAFU fund to cover the loses.”
Since the aforementioned moves of funds back in June, recent activity has been found as per a transaction monitoring system found on Twitter reports The Next Web. As seen in the tweet below, which was made by Whale Alert on Monday, July 8, 2019, roughly 706.1 BTCs were transferred into a pair of different addresses.
⚠ 706.1 #BTC (8,038,240 USD) of stolen funds transferred from Binance Hack May 2019 to hack wallet
— Whale Alert (@whale_alert) July 8, 2019
At the time of the hack, the stolen 7000 BTCs were supposedly valued at $40 million, but this has since changed due to the halt of the crypto winter. The Next Web noted that the hack is now valued at $83.5 million, in which hackers alone have garnered 100 percent in gains!
This movement is the most recent of its kind, which can be problematic given the relatively healthy state of the crypto market at the moment. In particular, this move is an indicator that hackers are trying to cleanse the stolen assets.