Binance Hackers Show Signs of Life with $8 Mln Transfer

707.1 BTC has been transferred from one wallet that is linked to the $41 mln Binance hack

Cover image via CryptoComes.com

Hackers make another move
Once it’s gone, it’s gone

Hackers who infamously stole $41 mln worth of BTC from cryptocurrency exchange Binance have recently teased the community with two major transfers. Twitter account Whale Alert showed that they recently transferred more than $8 mln to two new addressed.

⚠ 706.1 #BTC (8,038,240 USD) of stolen funds transferred from Binance Hack May 2019 to hack wallet

Tx: https://t.co/m7YnabMrrQ
— Whale Alert (@whale_alert) July 8, 2019

⚠ 1 #BTC (11,384 USD) of stolen funds transferred from Binance Hack May 2019 to unknown wallet

Tx: https://t.co/aZiYt65q6U
— Whale Alert (@whale_alert) July 8, 2019

Hackers make another move

The highly advanced security breach sent shockwaves around the crypto community back in May.

The hack even made Binance consider reorganizing Blockchain (the exchange’s CEO Changpeng Zhao had to dismiss this idea after a huge backlash).

After hackers obtained API keys, 2FA codes and other sensitive information, a total of 7,074 stolen Bitcoin have been reportedly moved to seven separate addresses. According to Coinfirm, some of these funds have already been moved across several other addresses back in June.

The bad actors who wreaked havoc with Binance’s security haven’t been identified. Bitcoin and other cryptocurrencies are extremely attractive for thieves because of their anonymous nature.

Once it’s gone, it’s gone

Bitfinex, another major exchange that suffered a $1 bln hack back in 2016, saw $1.3 mln of its stolen funds transferred to an unknown wallet (after years of radio silence).

Notably, the US government has managed to recover only a modicum of stolen funds (~$279,000 at current prices).

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.