The Stolen Binance Bitcoin Is On the Move Again

Shortly after the unfortunate hack of Binance, popular crypto exchange ‘the hackers moved the bitcoin a few times to different addresses and even some other exchange platforms in varying amounts of bitcoin and dollar values.’ Recently, wallets containing the stolen bitcoin in value of over 40.7 million dollars are being accessed by the Hackers. Again the investigating company that tracked the original few moves on May 9 has spotted a massive outflow from the hoard of wallets created two days before the theft.

Coinfirm, the investigating company CEO, Grant Blaisdell wrote:

‘The attack was conducted using diversified techniques including viruses and phishing. According to Binance, stolen funds constituted approximately 2% of total BTC holdings of the exchange. In order to prevent user’s funds from being affected and guarantee stable work of the platform, Binance used its SAFU fund to cover the loses. The Secure Asset Fund for Users was established on July 14, 2018, and consists of 10% of all trading fees.’

The hackers have reportedly been moving the money around in different amounts. From Coinfirm’s investigation, they moved $6,148,122.40 which is 1,060.64474480 BTC, shedding value each time. From this wallet, called bc1q2r the hacker moved the $6 million to this wallet, bc1q65 on June 7, 2019. On moving that amount they shed an odd amount of $15.84 dollars into this small wallet and adding $2 million to the total. The reason behind this small amount being separated is not known.

Following that, the hackers then moved 1,040.95915580 BTC ($8,242,840.00) into this wallet, and shed $155,861.00 into a wallet called 1JSfJ. Certainly, the end game here is to break the big amounts into smaller chunks with the wallets. The final movement Coinfirm saw was 1,021.53182514 BTC ($8,089,010.00) and then $153,835.00 was left behind in the prior named wallet. The balance has not moved since and is said to have ended up in “bc1qcgwn2nv906k3rws803zhxwq3crfgjvnzjejgyq”

The hackers are most likely trying a new strategy to launder the cash or probably make payment to certain involved by sharing amounts in the different wallets. Also, it may be a ploy to further cover their tracks by continuously moving stolen funds father away from the source. It’s really anyone’s guess but it is highly difficult and almost impossible to convert these bitcoins into traditional currency since they are being closely watched.


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Credits- John Biggs


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