Hacked Binance Funds Being Tracked Through Mixers

The most recent large-scale crypto hack happened to Binance, with the hacker making off with millions of dollars of stolen cryptocurrency. Immediately following the attack, the community and law enforcement began tracking the movement of the stolen coins in order to understand the process that the hacker will go through in an attempt to try and liquidate the coins and hopefully try to catch him or her.

It has become clear that a large amount of these stolen coins have been introduced to a popular mixing service, Chipmixer. Chipmixer allows individuals to send them cryptocurrency and they distribute it back out into circulation, therefore making it unclear where the coins go and who has them. This makes the process of tracking the stolen currency almost useless since it could belong to anybody now while the hacker has cleaned coins from the exchange.

There is significant evidence to indicate that a large portion of the coins has already been cleaned through a mixer and while experts keep their eye on the movement of those coins, there is little hope that it can turn into any useful information that could be used to catch the hacker.

Strategic Exit Plan

The strategy that we are seeing play out with the Binance hacker is very similar to the ones we have seen in the past with other hacks. It appears as though the hacker is moving very methodically and breaking up chunks of the currency intentionally to ensure that it will be as hard as possible to track it and find the individual.

About Caleb Lombardo 31 Articles
Caleb is a cryptocurrency investor and enthusiast with about 4 years of experience in a variety of cryptocurrency-related roles and positions. He is passionate about communicating the vast technological implications of a decentralized currency system and a society that uses blockchain technology to its maximum potential.

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