March 19, 2021
Over $1 Million Of Stolen Bitcoins Cashed Out
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Over $1 Million Of Stolen Bitcoins Cashed Out

Cryptocurrency became a popular target among scammers and hackers. We constantly read on news that hackers could steal large amount of crypto through their malicious activities. In early days, it was easy to cash out any amount of crypto. But, these days, crypto exchanges are stricter with their regulations. All the customers and users should complete the KYC/AML procedure in order to be able to buy or sell crypto. As a result, it’s not as easy as before to sell stolen cryptos anonymously. In the latest news, over $1 million of stolen Bitcoins cashed out on Binance exchange.

 Over $1 million of stolen Bitcoins cashed out on Binance

Binance security team announced that this exchange constantly update its security systems and techniques in order to find out malicious activities on this platform.

The latest research on this platform show that over $1 million worth of BTC moved through a wallet on Binance. This amount sent from addresses linked to Ryuk ransomware attacks.

Forbes reported on Aug. 23, researchers took a sample of 63 transactions. These 63 transactions represent $5.7 million of the total $61 million, which stolen were using Ryuk ransomware attack.

$1,064,865 out of $57 million worth of Bitcoin transferred using multiple addresses. Finally, it found the way to Binance and then cashed out.

The Binance wallet has been in use in the current month

The Binance wallet, which the hackers used, has been in use as recently as this month. It was on Aug, 22. hackers emptied the wallet completely.

Over $1 million of stolen Bitcoins cashed out; Still $4.7 million worth of Bitcoin remained

Researchers are still tracing the remained $4.7 million of Bitcoin. The results show, the hackers are holding them in a number of off-exchange addresses.

The Binance team explained that the transactions, which mentioned in Forbes article executed 18 months ago. Binance took the action in order to find the sources of transferred Bitcoins. But, the truth is that anonymity is one of the cryptocurrencies features. It’s sometime not easy to track the source of the cryptos.

However, Binance is constantly upgrading its security systems to minimize and identify malicious activities on its platform.

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