Crypto Tumbler Used By Binance Hackers to Funnel $80 Million

Crypto Tumbler Used By Binance Hackers to Funnel $80 Million

The hackers responsible for the Binance hack back in May are reportedly using a crypto mixer to launder their booty.

Trying to Launder Loot from Bitcoin Hack Under the Radar

According to a report by blockchain forensics firm Clain, the hackers who stole more than 7,000 BTC from Binance are trying to use Chipmixer to funnel their crypto loot. An excerpt from the report reads:

We detected an extensive pool of Chipmixer’s addresses in the course of the previous investigations and can confidently maintain that at least 4836 BTC of the hacker’s monies was laundered through Chipmixer.

Clain also reports that the hackers have so far not made any attempts to move the stolen bitcoin to exchanges. Instead, the forensics firm says the Binance hackers are trying to completely obfuscate the BTC trail.

Crypto tumblers (or mixers) like Chipmixer allow users to obscure the link between the sending and receiving addresses for bitcoin transactions. Such services insert payments from A to B into a pool of other payments to hide transaction trails.

Crypto Tumbler Bombarded by Binance Hackers

For Clain, the activities of the hackers on the service amounts to a bombardment of Chipmixer. The firm says the bitcoin tumbler has never had to handle such a large number of transactions at a given time.

According to Clain, the Binance hackers are trying to fly under the radar by aggregating clusters of 10 BTC transactions. So far, Clain says it has identified 150 of these clusters.

Concerning the continued tracking of the situation, the Clain report reads:

As regards to remaining amounts, we think the hacker is yet to merge them, so once he attempts to do it, we will be able to effectively spot these transactions and recognize the same pattern.

Back in July 2019, Bitcoinist reported that the hackers had moved about 707 BTC, valued at over $8 million at the time. The transfer coincided with a bitcoin price surge that took BTC above $12,000.

In another development, Clain says its investigation into the laundering of the loot from the Binance bitcoin hack has led to revelations about another crypto theft from a different bitcoin exchange.

The blockchain forensics firm says it found 1,032 BTC that was part of the mid-July BitPoint hack.

Binance is currently dealing with another security breach issue, this time concerning customer data. The bitcoin exchange giant is denying claims from a suspected blackmailer over an alleged KYC leak.

Will the hackers be able to successfully cash out their loot from the Binance bitcoin hack? Let us know in the comments below.

Images via Twitter @clain_io. Shutterstock

The post Crypto Tumbler Used By Binance Hackers to Funnel $80 Million appeared first on Bitcoinist.com.

09.08.2019 / 05:50 47
Binance Hack: $8 Million in Bitcoin Moves As Price Hits $12K Binance Hack: $8 Million in Bitcoin
The group that hacked cryptocurrency exchange Binance for 7,000 Bitcoins in May appear to be capitalizing on BTCs bullish price move above $12,000.
Cryptopia Hackers Liquidated $3.2M in Cryptocurrency Across These Exchanges Cryptopia Hackers Liquidated $3.2M in
$3.2 million worth of cryptocurrencies stolen during the hack of New Zealand’s Cryptopia hasalready been liquidated, according to a report from
Crypto Isn’t Criminal Money: Binance Blocks Funds From Hacked Exchange Crypto Isn’t Criminal Money: Binance
This week, the popular crypto exchange Cryptopia suffered the first major security breach of 2019, resulting in significant losses of crypto assets
Coincheck Cryptocurrency Hack Goes Unpunished Despite Money Being Launderred Coincheck Cryptocurrency Hack Goes
Cryptocurrency thefts are nothing new these days. A lot of hackers have successfully attacked exchanges in the past The recent Coincheck exchange
Coincheck Hackers Have Already Laundered 40% of 500 Million Stolen NEM Coincheck Hackers Have Already
The hackers behind the record-setting Coincheck theft have successfully laundered 40 percent of the approximately 500 million NEM tokens (XEM) they
Binance Offers $250,000 Bounty For Arrest of Hackers Binance Offers $250,000 Bounty For
Binance offers a $250,000 equivalent bounty on hackers arrest following March 7 hack. The Binance cryptocurrency exchange is offering a $250,000
Comments (0)
Add a comment
Comment on