Binance hack: Scammers liquidate Bitcoin (BTC) according to Coinfirm report

Binance hack: Scammers liquidate Bitcoin (BTC) according to Coinfirm report

Binance hack: Scammers liquidate Bitcoin (BTC) according to Coinfirm report

The Binance hack in May 2019 unsettled the crypto scene. A Coinfirm report suggests that the stolen Bitcoin are migrating from Wallet to Wallet. Part of the activity suggests that hackers convert their captured coins into other cryptocurrencies. The Binance hack was one of the most spectacular cyber attacks in the crypto scene in recent months.

There are news about the Binance hack that happened in May 2019. The crypto-research firm Coinfirm has been investigating the activities of the stolen assets since the theft. A new analysis continues to track the movement of Bitcoin tokens from Wallet to Wallet. According to a report dated 16 July 2019, the perpetrators are now beginning to liquidate their prey.

In fact, observers have noticed that the scammers are withdrawing their captured Bitcoin from the crypto exchanges. It is also conceivable that they will convert them into other cryptocurrencies. It is clear, at least, that the hackers have recently started to withdraw the BTC. Maybe they exchange them where possible into Fiat money as well.

“The analysis of one of the mainchains used by the hackers shows that they were able to liquidate at least 1.8087 BTC ($ 21,000) from the following exchanges,” explains Grant Blaisdell of Coinfirm. Among the crypto outlets listed below are Bitfinex, Bitmex, and even Binance themselves. Tracing the stolen cryptocurrency is especially painful for those who now see their lost capital wander from one exchange to another.

The Binance Hack: A Chronology

The history of the Binance hack, however, is quite spectacular. The transaction was announced by experts on May 7, 2019 at 5:15pm. According to the company itself, the hack was a targeted attack. Overall, Binance lost over 7,000 BTC. The hackers got hold of API keys, two-factor authentication codes, and other information.

According to Binance CEO Zhao, the hackers only attacked the crypto-purse’s hot wallet, leaving a large portion of the users’ deposits in peace. Nevertheless, the Binance hack stirred lots of media attention. In the meantime, Zhao even expressed the idea of ​​carrying out a blockchain reorganization to recover from the losses. However, he dismissed this idea quite quickly.

The majority of the stolen BTC is still in the wallets of the crypto exchanges. These little steps, however, say a lot about the behavior of the criminals. The transfer of higher amounts requires verification on many platforms, including identity cards. To get around this, hackers transfer small amounts from various exchanges. So they can fly under the radar and won’t be identified.

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About Viktor Sokolov 87 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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