Funds from Binance hack went to other exchanges

Kemarit

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Quote from: LeGaulois on May 11, 2019, 11:43:11 AM

Some exchanges work together (not officially) to track and lock hacked coins on their respective platform. A hacker knows it and wouldn't send the coins to an exchange. Not immediately at least.
They didn't mention the exchanges used and I think there is a reason, a kind of ethics. Can't find a place where they listed the addresses, in the image it's shortened.

Yeah, those exchanges have "unwritten" rule between themselves. I saw some tweet as well from exchanges that they will immediately block the address.

Here is a good link tree view of those addresses (https://www.blockchain.com/btc/tree/444776063).

And we are sure that the hackers have above intelligence and will not deposited in an exchange. Or probably go to privacy coins like Monero. Grin

erikalui

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I don't think any of the known exchanges would be used by the hacker as these websites require KYC and they would be caught in seconds while the ones that do not require KYC also are risky to use. It's obvious they would use mixers to launder the money too so it would be almost impossible later to track these addresses. Till today I have never heard of any exchange getting their money back so Binance too won't succeed which is actually harming the bitcoin community. These coins would be dumped and we would see bitcoin prices again crashing.

LeGaulois

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Some exchanges work together (not officially) to track and lock hacked coins on their respective platform. A hacker knows it and wouldn't send the coins to an exchange. Not immediately at least.
They didn't mention the exchanges used and I think there is a reason, a kind of ethics. Can't find a place where they listed the addresses, in the image it's shortened.

1Referee

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Quote from: Potato Chips on May 11, 2019, 12:11:17 AM

But uh, there are already lots of ways to exchange your coins without resorting to centralized exchanges, and even if the hackers did use it, funds will be divided into small parts and most likely will be exchanged when the whole issue has died down so there are pretty much slim chances of the hackers getting into the exchange's radar.

I am quite certain that when Binance resumes deposits and withdrawals, a few weeks have gone by, the price of Bitcoin and other cryptos have pumped further, no one will even think about this hack anymore.

In the end, you just have to make sure to blend your coins well enough by consolidating both the inputs of 'clean' coins and the 'dirty' ones, and most exchanges will not flag these deposits and ultimately seize them. Binance is quite loose with its verification policies, and for the time being they still allow you to withdraw funds without KYC/AML up to 2BTC.

Exchanges such as Yobit don't ask for any information either to withdraw, so nothing prevents the hackers from using them.

hugeblack

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I do not trust in such analyzes, so this hack may not be as advertised.

Quote from: Potato Chips on May 11, 2019, 12:11:17 AM

Honestly, they are most of the time only good in freezing the accounts of those who are not actually involved in illegal activity, real deals come and go safe and sound 🤣

I expected that a kind of blacklist would be automatically updated and distributed to exchanges and mixing services in order to cooperate in the refund of this money.
Generally, scammers will not start cashing money aoon (a few years from now) by splitting these coins into small pieces and selling them using peer to peer such this fourm forum or creating new P2P platform.

PrimeNumber7

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If the stolen coins end up at actual exchanges, I would say two things about the situation:

1 - the exchange accounts are very likely to have been hacked

2 - the coins will be frozen and ultimately returned back to Binance.

Neither the tweet you cited, nor the article suggests the coins have moved onto exchanges, and a review of the blockchain does not reveal any substantial portion of the stolen money moving onto exchanges.

Potato Chips

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yesssir! 🫡

The article just said funds were moved to digital addresses so not exactly exchanges. Although there's this tweet which I'm not sure if I got right but in any case, it seems to not be related to the hack.

Quote from: https://twitter.com/AMLT_Token/status/1126784443308494849

As #Binance operations were running normally regular user funds were moved to 4 major #crypto exchanges in the same tx as the 7k #BTC hack according to @Coinfirm_io & $AMLT analysis! http://Platform.coinfirm.com

These users, funds and addreses seem not to be tied to the #BinanceHack

But uh, there are already lots of ways to exchange your coins without resorting to centralized exchanges, and even if the hackers did use it, funds will be divided into small parts and most likely will be exchanged when the whole issue has died down so there are pretty much slim chances of the hackers getting into the exchange's radar.

Honestly, they are most of the time only good in freezing the accounts of those who are not actually involved in illegal activity, real deals come and go safe and sound 🤣

dothebeats

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How about CipherTrace? It will be better if they will try their hand at this and see whether their 'forensic analysis' on where the funds went will prove useful and viable for large-scale investigations of money laundering and scams. I'm actually quite surprised that they haven't tried to use the algorithm yet, or they have secretly employed the said algorithm in order to know where the money went, even if it's just scratching the surface of a rather impenetrable wall. Put that thing in to good use and chase after the 'hackers,' I'd say.

FreeEarnsActivist

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According to blockchain analytics company Coinfirm, the hackers have moved the stolen bitcoin through several digital wallets, with almost all the coins now sitting in seven digital addresses. Although the movement of cryptocurrencies can be traced, the identity and location of the hackers or owners of the wallets holding the stolen coins is unknown, Coinfirm said.

Source: https://twitter.com/AMLT_Token/status/1126784443308494849

Source: https://twitter.com/Coinfirm_io/status/1126082101080743938

Reuters: https://www.reuters.com/article/us-crypto-currencies-binance-idUSKCN1SF230
Coinfirm: https://twitter.com/Coinfirm_io/

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