Inside the Story: We Go Deep On the Binance Hacker Story

Contents

Hackers laundered over $ 1 million in bitcoins via Binance

Hackers laundered over $ 1 million in bitcoins via Binance
CONTENT

  • Ransomware Creators Bypass Binance’s Anti-Money Laundering System

  • Attackers laundered more than $ 1 million out of $ 60 million of stolen funds

  • Binance itself admitted the presence of an incident, but assured of constant monitoring of transactions

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Researchers have identified over $ 1 million in bitcoins laundered through Binance over the past three years

Ryuk ransomware Developers Launched Over $ 1 Million Through Binance Cryptocurrency Exchange.

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This is reported by Forbes, citing anonymous analysts who tracked bitcoin movements.

Ryuk encrypts data on the user’s computer, demanding a ransom in bitcoins at the address indicated in the notification.

Surgical accuracy

Since 2018, cybercriminals have been able to obtain over $ 60 million using ransomware, which were subsequently distributed to various bitcoin addresses..

“Out of 63 selected transactions worth about $ 5.7 million, more than $ 1 million of them was found to have been sent to Binance for cash,” analysts said..

The remaining millions of dollars are still in various cryptocurrency wallets, suggesting that Binance is a top cybercriminal exchange, Forbes noted..

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Binance itself said that the fight against money laundering, ransomware and other illegal activities is “never-ending work at Binance.”.

“Unfortunately, when it comes to tracking illegal activity on the network, the detection is not always clearly visible,” added Binance.

Voluntary cooperation

Despite such a massive withdrawal of funds using the exchange, Binance is also trying to actively assist law enforcement agencies in identifying intruders..

Previously BeInCrypto editors wrote, that law enforcement officers in Ukraine, in cooperation with Binance, were able to expose a whole network of cryptocurrency exchangers, the total turnover of which exceeds tens of millions of dollars.

In early July, one of the security divisions of the Binance exchange conducted its own investigation and published the most popular fraudulent schemes Cryptocurrencies are a new financial instrument that opens up their own prospects for each market participant.

Hackers laundered over $ 1 million in bitcoins via Binance

Some consider digital assets as a source…

Hackers laundered over $ 1 million in bitcoins via Binance

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Hackers laundered over $ 1 million in bitcoins via Binance

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