Binance hackers split the loot to cover up tracks - Coinfirm research

Binance hackers started transferring coins.
They use traditional procedures to cover up tracks.

Tanya Abrosimova Independent Analyst

Hackers transferred 1214 BTC ($7.3 million) out of 7000 coins stolen from Binance to new addresses on May 8, according to the blockchain startup Coinfirm.

The rest 5786 BTC (~$35 million) remained untouched in the wallets where they had been initially transferred. However, later the hackers send another lot of 1227 coins to two new addresses. One address got 707 BTC, and the other one got 520 BTC.

According to a journalist and blockchain analyst Amy Castor, this way the bad guy try to cover their tracks.

“Money laundering 101: breaking the transactions up into smaller and smaller amounts making them more and more difficult to track,” she said.

Meanwhile, the head of the hacked exchange Zhao confessed that they considered the rollback on Bitcoin network to prevent the hackers from using the stolen coins. However, eventually they rejected the idea due to the potentially negative consequences for the network and the cryptocurrency community.

Author

Tanya Abrosimova

Independent Analyst

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